Shiba Inu to provide the last buy opportunity before SHIB price doubles again

Shiba Inu price has been bouncing off the $0.0000649 support floor for nearly a week, creating a liquidity pool below it.
Investors can expect SHIB to dip into this area, ranging from $0.0000559 to $0.0000622 or below it to collect liquidity before rallying higher.
A recovery is likely to propel the Dogecoin killer to eat another zero and retest $0.000124.

Shiba Inu price has been consolidating since it hit a new all-time high on October 28. So far, SHIB has been hovering around a crucial barrier, showing indecision among buyers and sellers. At this level, market participants can expect the Dogecoin killer to provide another buy opportunity before it blasts off.

Shiba Inu price prepares for new leg-up

Shiba Inu price has set up four lower highs since the new all-time high at $0.0000886. The swing lows of these peaks have sliced through the $0.0000649 support floor multiple times, leaving a pool of liquidity for market makers to collect.

Investors can expect Shiba Inu price to dip into this area, ranging from $0.0000559 to $0.0000622 or slide briefly below it to collect ‘sell stop’ liquidity. Doing so will allow market makers to push SHIB higher.

In such a situation, Shiba Inu price will first encounter the $0.0000781 resistance barrier, followed by the current all-time high at $0.0000886.

Beyond these levels, however, Shiba Inu price will aim for the $0.000124 level, which is the 330% target forecast by the bullish pennant breakout on October 20. This move would set a record high for the Dogecoin killer and indicate a 1,626% return since October 1.

SHIB/USDT 4-hour chart

While things are looking good for Shiba Inu price, the descent or the correction could extend beyond the liquidity pool mentioned above. In a slightly bearish case, SHIB could slide down to the 100% trend-based Fibonacci extension level at $0.0000479.

While this move will not invalidate the bullish outlook, it will delay the bull rally for Shiba Inu price.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed