Shiba Inu’s SHIB price set to rally 22% following PEPE and FLOKI’s explosive moves


  • Shiba Inu price has reversed the downtrend, givinig  signals that it is set to move higher.
  • A pullback to the $0.00000709 and $0.00000705 support levels is a good buying opportunity for sidelined investors.
  • A 22% rally that retests the $0.00000904 hurdle is likely to follow SHIB’s retest of a key support level. 

Shiba Inu (SHIB) price has breached its two-month downtrend, signaling a potential rally. This development comes after SHIB’s competitor meme coins like PEPE or FLOKI’s recorded a 41% and 15% rally in the last two days. The Dogecoin-killer, also known as SHIB, is late to the bull rally, but it is signaling a potential pullback before a trend reversal. 

SHIB vs. FLOKI vs. PEPE performance chart 

SHIB vs. FLOKI vs. PEPE performance chart 

Also read: Shiba Inu Price Prediction: SHIB can rally 7% if bulls can overcome critical resistance level

Shiba Inu price set to rally, following other meme coins 

Shiba Inu (SHIB) price has created five lower highs and four lower lows in the last two months. But the recent uptick in buying pressure has pushed SHIB to breach the trend line connecting the lower highs. This move signals a potential shift in market structure, favoring bulls. 

Going forward, investors can expect the altcoin to pull back to $0.00000709 and $0.00000705 support levels, which will also allow the Relative Strength Index (RSI) to retest the 50 mean level. Such a pullback would be a good opportunity for sidelined buyers to accumulate SHIB before an uptrend kick-starts.

Additionally, the RSI will get a chance to bounce off the 50 mean level, allowing the bullish momentum a foothold to bounce from. The resulting uptrend is likely to retest the first hurdle at $0.00000840. Beyond the aforementioned resistance level lies the bearish breaker, extending from $0.00000871 to $0.0000102, from which Shiba Inu price is likely to face selling pressure on the retest of this structure’s lower limit. 

A retest of the $0.00000871 level would constitute a 22% gain.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

The uptrend for Shiba Inu (SHIB) price is contingent that it bounces off the $0.00000709 and $0.00000705 support levels while the RSI does the same with the 50 mean level. If this structure succumbs to profit-taking and spike in selling pressure and breaks down with a daily candlestick close below it, it would invalidate the bullish thesis. 

In such a case, Shiba Inu price could drop nearly 7% and revisit the October 19 swing low at $0.00000661.

Read more: Pepe Memecoin burns $5.5M tokens prompting 31% rise

 

 

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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

MANTA suffers 4% pullback after unlocking tokens worth $40 million

MANTA suffers 4% pullback after unlocking tokens worth $40 million

Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks. 

More Cryptocurrencies News

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30. 

More Ripple News

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000. 

More Bitcoin News

If Bitcoin restarts bull run, these altcoins are likely to explode Premium

If Bitcoin restarts bull run, these altcoins are likely to explode

If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP