- Shiba Inu price opens the week heavy with a few tail risks overshadowing price action.
- SHIB price is set to recover by the end of the week and tick a fundamental upside level.
- Expect to see a 70% gain in the making by the weekend.
Shiba Inu (SHIB) price broke above a key-bearish element but had issues maintaining its gains. With price action a little bit on the back foot after the pop higher on Monday, bulls are looking for a support handle from which to bounce off. Expect to see a further minor correction towards $0.00001000 before a swing trade will skyrocket SHIB price towards $0.00001708 and make 70% by the close on Sunday evening.
SHIB price to go out the week with a bang
Shiba Inu price is on the back foot a little bit this Tuesday after a solid rally on Monday with Europe on a bank holiday. Sentiment changed overnight as some small headline tail risks kicked in and started to worry investors. Certainly, the 50 bp Australian rate hike has frightened investors and bulls into expecting more monetary policy tightening from both the FED and the ECB, which is weighing on the risk-on sentiment currently providing supportive tailwinds.
SHIB price is thus struggling to climb higher after it broke above the red descending trend line that has been present since mid-September. Bulls are looking for support that could come from the big handle at $0.00001000. A bounce off that level would mean a massive swing trade back to $0.00001700 or 70% gains with the 55-day Simple Moving Average (SMA) and a pivotal level both providing a cap in that area.
SHIB/USD weekly chart
Those previously mentioned tail risks are not one off events that will quickly fade overnight. The most headaches for traders have come from inflation, stagflation, and monetary tightening as central banks attempt to fight inflation and close the tap on cheap money. With less cheap liquidity to invest, more cherry-picking happens, and Shiba Inu price could see some interest fading. As a result SHIB price could plummet towards $0.00000500, axing the current price action in half as Shiba Inu bleeds and sees investors leave in search of safer assets to invest.
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
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.