- Shiba Inu has already lost 14% of its value in just two days.
- Together with other cryptocurrencies, SHIB is under heavy selling pressure.
- Price action is nearing two interesting points of entry for long-term buyers.
Shiba Inu was in no case different from any other cryptocurrency on Monday in the market turmoil caused by rising covid cases in the US and UK. Investors are worried about a third wave that might come as economies reopen with no obligations for masks or other safety measures.
The global risk-off wave made cryptocurrency investors run for the exit and saw outflows in major cryptocurrencies across the board. In the coming days, it will be essential to see if this correction was short-lived, delivering a good entry point for buyers to return.
Shiba Inu just inches away from the mark where buyers step in
Sellers look to completely extend the downward trend toward the base levels we had on June 11 and 22. That is around $0.00000559 and $0.00000545. Just above those two levels, we have the monthly S2 support pivot coming in that might also act as a trigger. Those levels will complete the swing we had to the upside and might be the point where short sellers buy themselves in order to take profit in SHIB.
It is essential that SHIB price requires a catalyst and additional support from any favorable tailwinds in the market to attract buyers at these levels. The risk is that buyers who got stopped out during the rundown will want to wait and look for a discount in fair value before stepping into any long trades.
This could be, for example, the global markets returning to risk and investors having an appetite again for assets like technology stocks and cryptocurrencies. It is important to be aware of the surrounding general sentiment before going long in SHIB. If there are still concerns about a third wave and rising hospitalizations, expect more downward pressure on Shiba Inu price.
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's XRP set sights on $1.100 following renewed investor interest
Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token.
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?
Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF
Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil
Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
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.