Share:
  • Shiba Inu price continues to consolidate after making massive gains.
  • A false breakout above an ascending triangle could trigger a deeper corrective move.
  • Strong support exists if a deeper pullback does occur.

Shiba Inu price has, in a surprise to many, maintained the majority of its huge rally. While Dogecoin killer Shiba Inu has made gains over 340% from the October open, it is still up over 280% despite the recent pullbacks. However, it could dip a little lower.

Shiba Inu price faces more profit taking and short selling if it fails to hold above the Tenkan-Sen

Shiba Inu price is up against a reasonably strong resistance area at $0.000028. $0.000028 is the daily Tenkan-Sen and the close of the end of the first rally at the beginning of October. This level represents the first roadblock to new higher highs, but a close below that level on the daily chart could trigger some further downside pressure.

The only support level below the Tenkan-Sen in the Ichimoku Kinko Hyo system is the Kijun-Sen at $0.000022, which shares that value area with the 61.8% Fibonacci retracement. Therefore, this would be a perfect support area for Shiba Inu price to find more buyers and for short sellers to profit. In addition, the 50% Fibonacci retracement at $0.000024 could also provide some near-term support.

SHIB/USDT Daily Ichimoku Chart

A close above yesterday's and today's daily highs ($0.000029) would likely invalidate any short-term bearish price action for Shiba Inu price. The Relative Strength Index has returned to neutral territory while the Composite Index is sloping at an angle, suggesting a cross above both of its averages is incoming. If Shiba Inu bulls can push for a close at or above $0.000029, then a retest of the recent all-time highs is likely.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Dogecoin Price Prediction: DOGE refuses to let WIF have all the fun

Dogecoin Price Prediction: DOGE refuses to let WIF have all the fun

Dogecoin is leading meme coins north, even though Dogwifhat is outperforming it. With DOGE defending the gains, the upside potential remains alive and the meme coin could reclaim its March 2 peak. If Dogecoin price loses the $0.1356 support, it could weaken the bullish thesis, paving the way for an extended fall.

More Dogecoin News

Celo price confirms breakout after CELO L2 migration details

Celo price confirms breakout after CELO L2 migration details

Celo price broke out 15% on March 1, when the network executed its migration to Layer 2. CELO continues to hold above $1.1172, increasing the odds for a further upside. A break and close below $1.1022 would produce a lower low, provoking a continued drop.

More Celo News

Ethereum Price Prediction: The long game could see ETH climb 30%

Ethereum Price Prediction: The long game could see ETH climb 30%

Ethereum price has defended its range low of $884.51 since early 2021 while the $4,485.32 peak capped the upside. If ETH manages to close above $3,602.43, it could catalyze a continuation to the January 2021 peak. A break and close below the midrange of the channel at $2,684.92 would invalidate the bullish thesis.

More Ethereum News

GMX price could make a 50% climb as GMX’s daily chart is governed by a bullish pattern

GMX price could make a 50% climb as GMX’s daily chart is governed by a bullish pattern

GMX price has formed an inverse head and shoulder pattern on the daily timeframe. GMX could make a 49% climb if the price manages a daily candlestick close above $59.64 bullish. A break and close below $50.00 would invalidate the bullish thesis.

More GMX News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. 

Read full analysis

BTC

ETH

XRP