• 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

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.

Recommended content


Recommended Content

Editors’ Picks

Pi Network Price Forecast: PI holds a crucial support level amid rising selling pressure

Pi Network Price Forecast: PI holds a crucial support level amid rising selling pressure

Pi edges lower to retest a crucial support level as it decouples from the broader market recovery. PI token unlocks and increasing balance on CEXs boost selling pressure.

Dogecoin, Shiba Inu face profit-taking risk as Bitcoin's rally takes a breather 

Dogecoin, Shiba Inu face profit-taking risk as Bitcoin's rally takes a breather 

Dogecoin and Shiba Inu are frontlining meme coins losses on Tuesday, following a strong uptrend the previous day. The surge in the prices of DOGE, SHIB and other crypto assets followed in the footsteps of Bitcoin, which hit a new record high of $123,218 on Monday.

Meme Coins Price Prediction: Solana-based BONK, PENGU, WIF could lead the next market bull run

Meme Coins Price Prediction: Solana-based BONK, PENGU, WIF could lead the next market bull run

Bonk’s breakout rally gains traction, printing its fourth consecutive bullish candle. Pudgy Penguins' steadies amid the announcement of the upcoming launch of a multiplayer game, eyes further gains.

Crypto Today: Bitcoin, Ethereum, XRP trim gains amid declining ETF inflows and profit-taking 

Crypto Today: Bitcoin, Ethereum, XRP trim gains amid declining ETF inflows and profit-taking 

Bitcoin encounters volatility and slips toward $116,000 as investors book profits from the rally to record highs. Ethereum bears take back control as ETH drops below $3,000 ahead of US CPI data.

Bitcoin: BTC hits new all-time high and enters price discovery mode

Bitcoin: BTC hits new all-time high and enters price discovery mode

Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday. 

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP