Shiba Inu is back on track to pull price action out of the ditch and look for the uptrend


  • Shiba Inu price action made a perfect bounce off a supportive pivot.
  • SHIB bulls supported price action during the fade on Thursday and are set to break the high of yesterday.
  • Expect a further uptick and two small hurdles before a 40% appreciation.

Shiba Inu (SHIB) price saw bulls in contained profit-taking mode  as global markets pushed for a down day, on Thursday. This morning, however, bulls have come storming out of the gates and have already pared back Thursday’s losses. Expect a further uptick from here and solid gains going into the weekend, with two hurdles on the way before booking 40% gains by the end of next week.

Once global markets go all-in to risk-on, expect SHIB to spike 40%

Shiba Inu has delivered a bullish signal to investors after yesterday's gloomy downbeat day in global markets, when SHIB price action withstood  deepening losses as bears tried to push bulls back against the monthly S1 support level at $0.000025. But bears failed, and bulls limited losses, which were quickly recouped this morning, with SHIB price printing green numbers during the Asian and European session thus far.

SHIB price will have bulls setting their minds on $0.000037 next, with the monthly pivot and the 55-day (Simple Moving Average) as the first trigger for booking some profit along the way. Bulls that enter today can do so at market and park their stops either below the 78.6% Fibonacci level at $0.000028 or below the monthly S1 support level below $0.000025, depending on what type of trader they are, and how big a risk/reward ratio they are comfortable carrying. . In the case of putting the stop below the monthly S1, it makes sense for them to sit on their hands and not close the long trade out at the 55-day SMA and monthly pivot, but keep at least half for the R1 resistance level at $0.000045 that falls in line with the 61.8% Fibonacci level, making it a double level of importance.

SHIB/USD daily chart

SHIB/USD daily chart

The question at hand is if current global markets can still rally as more and more central banks are tightening. If global markets start to reprice even more to the downside, expect investors to lose faith in the uptrend, and for a quick return towards $0.000025, with S1 and 200-day Simple Moving Average (SMA) as support. If that breaks, a nosedive looks set to begin towards $0.0000061 and the beginning of the Fibonacci retracement.

 


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


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP