- Shiba Inu price tightens in a range after crashing roughly 30% between August 14 and 20.
- Investors can be optimistic about a retest of the volume point of control at $0.0000118 if it arrives.
- A daily candlestick close below $0.0000118 will invalidate the bullish thesis.
Shiba Inu price is looking to find a stable support floor that doubles as a launching pad after it undid its explosives rally in under a week. This development could take SHIB to the volume point of control (POC), where large buyers are likely to step in and trigger another rally.
Shiba Inu price in a bullish retracement
Shiba Inu price completely undid its 35% rally on August 14 over the next six days. This development is a sign of overwhelming holders scrambling to book profits. However, the retracement seems to have brought SHIB close to the POC at $0.0000118.
The aforementioned barrier is a support floor since it is the highest traded volume level since April 11. Therefore, investors can expect buyers to step in at this barrier, potentially triggering another rally.
In such a case, investors can expect SHIB to revisit the previous swing high at $0.0000179 and form a local top here. However, if the momentum persists, this uptrend could extend to the immediate resistance level at $0.0000200, constituting a 68% gain.
SHIB/USDT 4-hour chart
Regardless of optimism, if the POC fails to hold and sellers push Shiba Inu price to flip the $0.0000118 barrier into a resistance level, it will invalidate the SHIB recovery outlook. This development could see SHIB nosedive with an increase in sell pressure and retest the $0.0000106 foothold.
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
Editors’ Picks
Ethereum Layer 2 rat race intensifies, here's how to benefit
The narrative of Ethereum Layer 2 solution token’s is heating up with the shift in focus to altcoins. Bitcoin and Ethereum price rallies grinded to a halt after the recent rate hike announcement by The Fed.
TRON price crashes 12% as SEC charged founder Justin Sun for violating securities laws
TRON price plummeted on March 22 after the cryptocurrency became the new target of the ongoing regulatory crackdown in the United States. The Security and Exchange Commission (SEC) is now looking into Tron founder Justin Sun’s company and related entities of the altcoin’s ecosystem.
ApeCoin price at crossroads, looks to retest February highs amid the alt season but there's a catch
ApeCoin price is at crossroads after trading within a symmetrical triangle on the one-day chart. The altcoin is in a neutral formation reliant on the impending breakout that will determine the direction of the next move. The pattern contains at least two lower highs and two higher lows.
Arbitrum's ARB token goes live, here is what to expect
The Arbitrum ARB governance token airdrop goes live marking the beginning of the Ethereum layer-2 solution’s transition into decentralization. Experts on crypto Twitter have warned airdrop participants of issues that arise in claiming ARB airdrop and shared solutions for the same.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.