- Shiba Inu price shows an attempt to recover lost ground and revisit recent levels.
- Investors can expect SHIB to rally anywhere between 15% to 33% based on bullish momentum.
- A six-hour candlestick close below $0.0000071 will invalidate the bullish thesis.
Shiba Inu price embarked on a massive uptrend after bottoming on June 19. However, the ascent faced issues and headwinds, leading to an eventual retracement. After a brief period of consolidation, SHIB bulls seem tready for another leg-up.
Shiba Inu price anticipates upswings
Shiba Inu price rallied 50% between June 20 and June 21, flipping the high-time-frame resistance barrier at $0.0000095 into a support floor. Interestingly, this run-up also converted the declining trend line into a support floor. After a swift retracement followed by a consolidation, SHIB triggered another 30% leg-up that set a swing high at $0.0000121.
However, the lack of momentum and worsening market conditions led to a 21% pullback to retest the aforementioned support barrier at $0.0000095 and the declining trend line. SHIB buyers seem to have made a comeback, which has resulted in a 11% move so far.
If this trend continues, Shiba Inu price could rally 15% from the current position to retest its first liquidity objective at $0.0000119. Beyond this level, the meme coin could revisit the $0.0000130 barrier after a 25% gain.
However, the rally would constitute a 33% upswing if Shiba Inu price can retest the $0.0000139 hurdle, which is where the short-term local top could form.
SHIB/USDT 4-hour chart
Regardless of the bullish outlook in the market, investors need to note that this could just be month-end volatility. During the monthly or weekly closes, the market tends to be more volatile than usual, causing investors to get caught off guard in squeezes. Moreover, Shiba Inu price has a Fair Value Gap (FVG), extending from $0.0000082 to $0.000093, which could be filled if market makers start to sell.
If this situation escalates and investors begin to book profits, pushing Shiba Inu price to produce a six-hour candlestick close below $0.0000071, it will create a lower low and invalidate the bullish thesis.
This development could see SHIB crash 15% to the next support level at $0.0000060.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.