|

Shiba Inu traders getting life-line from vital support as SHIB is the outlier in altcoin selloff

  • Shiba Inu price is pushing over 1% higher on Wednesday while other altcoins as SOL and VET are tanking.
  • SHIB bulls are getting support at an important moving average.
  • Although price action pushes higher, bulls must be mindful of limited gains.

Shiba Inu (SHIB) price is seeing bulls getting unleashed as SHIB proves to be an outlier in this selloff Wednesday for alt-coins. From a technical point of view, the turnaround was projected and is setting sail for $0.00001225 or a 10% upswing. Another leg higher will depend on more altcoins seeing a similar turnaround and morale amongst bulls getting a boost.

Shiba Inu price is proving to be a rare outlier in this Wednesday selloff

Shiba Inu price is pushing higher this Wednesday while several alt-coins are lying on their back, floored by the bearish forces that are pushing them to the downside. It should not come, though, as a surprise as Shiba Inu saw its Relative Strength Index (RSI) flooring out and started to tilt higher these past few days. Support comes from the always important 200-day Simple Moving Average (SMA) that saved SHIB traders from falling in a bear market that would have dragged Shiba Inu price below $0.00001000 for now.

SHIB bulls are in for a likely 10% gain as the 55-day SMA is very close and looks to be a cap. This is indicated by the previous reaction of SHIB on Tuesday, when it made a clean break below it and started to accelerate its decline. Should bulls be able to push beyond the 55-day SMA, the monthly pivot at $0.00001300 looks to be the ultimate profit target for now with 16% gains in total for the coming week.

SHIB/USD  4H-chart    

SHIB/USD  4H-chart    

A few altcoins as Vechain and Solana are flirting with bear market territory. Should those or other altcoins start to tank further and eke out more losses, a quick descent for SHIB would be unavoidable. In the decline, that $0.00001000 psychological level would be the ideal level bears want to go to test the strength of their decline and the belief of bulls for a turnaround. 

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

CFTC Chairman pushes for crypto regulations as agency seeks public comments on proposed rules

Commodity Futures Trading Commission Chairman, Michael Selig, said the agency will move ahead with crypto market regulations after Congress failed to advance legislation that would have established a broader framework for digital assets.

Ripple and Stellar outlook: XRP and XLM weaken as derivatives positioning fades

Ripple and Stellar face pressure trading below $1.499 and $0.220, respectively, after a modest correction at the start of the week. Traders should be cautious as weakening derivatives metrics and fading bullish momentum suggest further corrections for XRP and XLM. Derivatives data shows a weakening and cautious signal among traders.

Zcash Price Forecast: NU7 upgrade sets the stage for ZEC to resume its rally

Zcash hovers around $1,348 sustaining its mild gains from Sunday. The network upgrade NU7 went live on Monday, boosting transaction speed and redirecting 60% of transaction fees into future rewards. The institutional outflow eased to roughly $3.50 million on Monday, down from $93.56 million last week, suggesting reduced pressure from redemptions.

Ethereum Price Forecast: BitMine scoops extra ETH tokens following Q3 outperformance
Ethereum (ETH) treasury firm BitMine Immersion continued its buying streak of the top altcoin last week. The firm acquired 15,112 ETH, lifting its holdings to 6.016 million ETH, representing 4.9% of ETH's circulating supply and worth $16.16 billion at the time of writing. That brings the company roughly 98.5% closer to acquiring 5% of ETH's supply, a goal it tags "Alchemy of 5%."
Bitcoin: Is BTC setting up for an Uptober rally?
Bitcoin (BTC) extends its gains, trading near $86,000 at the time of writing on Friday after closing September 6.33% up, reversing its seasonal weakness. Historical data suggest October could be a strong month for BTC, especially after a positive September.