- Shiba Inu is set to jump higher in a technical push towards $0.00001.
- Thanks to Bitcoin, SHIB is in the slipstream of the positive news in the major cryptocurrencies.
- Overall risk-on sentiment in the markets, with specifically Nasdaq higher, helps to lift SHIB.
Shiba Inu is set for a run higher towards $0.0000093 as the first point of resistance in the rally. After that, the $0.00001 level is in sight.
SHIB is surfing on the favorable tailwind of the Nasdaq and Bitcoin
Shiba Inu is ready to jump higher. Pure technical, SHIB has the ascending trendline that has pushed SHIB higher. SHIB surpassed the double top at $0.0000085 to the upside. That level is now turning into support and will keep prices elevated above this price range of $0.0000085.
To the upside, the first potential cap lies at $0.0000093 with the double top from June 16th and 17th. Expect SHIB to pause or hover around that area for a few hours before moving higher and SHIB to make the jump to $0.00001.
On the technical front, Shiba Inu is set for a play higher. However, the overall sentiment is helping as well. Yesterday we had Nasdaq breaking all-time highs, as Bitcoin continues on a consecutive winning streak. This winning streak could attract back investors and speculators to the crypto space and makes Shiba Inu an exciting token to take part in.
SHIB/USD 4 hour chart
The double triangle formation to the upside in Shiba Inu is ready to jump higher to $0.0000093 and next $0.00001. Not only in technical analysis but also the sentiment in the markets right now has lifted SHIB to the upside. Get ready for the launch.
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
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
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.