Why Dogecoin-killer Shiba Inu Coin is primed for a 40% rally

Shiba Inu price holds steady above the $0.0000118 support level, hinting at another leg.
If buyers play their cards right, investors can expect the Dogecoin-killer to sweep the equal highs at $0.0000189.
A daily candlestick close below $0.0000103 will invalidate the bullish thesis for SHIB.

Shiba Inu price continues to hover above a stable support level, indicating that the recent rally was no fluke. If bullish momentum seeps into the markets, there is a good chance the next upswing for SHIB will be explosive.

Shiba Inu price prepares for its next move

Shiba Inu price rallied 64% after retesting the $0.0000082 to $0.0000093 imbalance and set a swing high at $0.00000151. This move faced heavy profit-taking, resulting in the daily candlestick closing 15% lower at $0.00000129. Regardless of the sell-off, SHIB seems to be holding above the $0.0000118 support level.

This lingering action indicates that buyers are defending the level and is likely to induce Shiba Inu price into another rally, provided the market conditions are right. In such a case, the most obvious target is the equal highs at $0.0000189, roughly 39% away from the current position.

Beyond this, Shiba Inu price will face two significant resistance levels - $0.0000199 and $0.0000211, both of which are ideal levels to book profits.

SHIB/USDT 1-day chart

While things are looking up for Shiba Inu price, a breakdown of the immediate support level at $0.0000118 will be the first sign of weakness. This development should trigger doubt among buyers but a daily candlestick close below $0.0000103 will create a lower low and invalidate the bullish thesis.

Such a situation could further catalyze Shiba Inu price to slide 18% lower and retest the lower limit of the aforementioned imbalance at $0.0000082.

Share: Cryptos feed

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