- Shiba Inu price moves remain limited this week, although the US Dollar is firmly weakening.
- SHIB traders do not need to do anything but keep buying as a recalibration should bring SHIB to $0.00001000.
- Expect a squeeze to the upside with a break above the psychological barrier near New Year.
Shiba Inu (SHIB) price action is moving away from the supportive level near $0.00000820, which has been key for November. The level held support and refrained bears from making more lows. As the US Dollar is weakening substantially for the month, that repricing has not happened yet accordingly for SHIB, thus it is a given that this recalibration is set to kick in sooner or later and squeeze quite a lot of bears out of their positions for 2022.
SHIB set to start 2023 with a fresh, clean sheet
Shiba Inu price action has been much battered for 2022 as its staggering decline or meltdown since April has left many traders in despair on what to do with their positions. The favourite trade for 2022 was not only being long USD but also short cryptocurrencies all around. That trade seems to be coming to the end of its lifecycle as already the US Dollar has been weakening substantially off its strongest point for 2022, and several cryptocurrencies are on the cusp of reclaiming important levels higher up from the lows for 2022.
SHIB still has that catching up to do as it is still trading near the low of 2022 for that matter. Considering the US Dollar weakness, SHIB should be trading at $0.00001000. Adding the small recovery story, cryptocurrencies would see it even trade around $0.00001100. With this, SHIB would be set to start its recovery path in 2023 as the 55-day Simple Moving Average (SMA) and the 200-day SMA would be broken to the upside and see a massive inflow of traders for a long position,
SHIB/USD weekly chart
Technically, there is a topside risk in SHIB as that mentioned $0.00001000 comes with a warning sign. Currently, that level holds psychological importance due to the 55-day SMA and has been pivotal since June. A firm rejection against that would see SHIB quickly fade and trade back toward $0.00000820 in search of support, making it the third time and questionable it will hold.
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
Here are the best and worst-performing cryptocurrencies in H1 2024
A recent report by Crypto Koryo on Wednesday revealed meme coins as the top performers among cryptocurrencies so far in 2024, with several altcoins coming in behind. The worst-performing tokens are DeFi and governance tokens.
Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft
Ethereum (ETH) is down 3% on Wednesday following Bitwise filing an updated S-1 draft and a wider market downturn with potential Mt. Gox BTC supply flooding the market.
What to expect from altcoins as ETH ETF approval draws closer
As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
PolitiFi meme coins surge as Biden support lowers
Crypto prediction markets favor Kamala Harris over President Joe Biden as Democratic nominee in upcoming presidential elections. Meme coins based on Vice President Harris rallied amid BODEN token's 30% decline. Other tokens based on possible replacements for Biden experienced similar surges.
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.