- Shiba Inu looks unable to hold above $0.00003535 and is looking for support.
- SHIB price has not had many technical elements that provide enough support in a longer time frame.
- Expect support from either the monthly S1 support or a technical support level holding 25% devaluation.
Shiba Inu (SHIB) is for now at the mercy of bears that are pushing SHIB prices further to the downside, breaking below the critical $0.00003535 level this week. As bulls are looking for good entry points, there are no fundamental entry points, for now, unless further down the line. Expect SHIB price to tank towards either $0.00003000, with the monthly S1 support level, or towards $0.00002640 with the historical start of the rally at the third week of October.
Although the current outlook is grim, a bullish knee-jerk reaction is just around the corner
Shiba Inu price showed some promising bullish signs last week, as the level at $0.00003535 held and bulls were able to close above it for the week. But this week, the different central bank rate decisions proved too much for SHIB investors, and price action broke to the downside, looking for support. The only issue is that there is no solid historical support available as SHIB price only exists for almost seven months.
SHIB bulls can pinch on the S1 monthly support level at $0.00003000 that acted as good support in the significant correction Shiba Inu price action had at the end of November. If that level does not hold, expect a leg lower towards $0.00002640, which acted as support on the retest after the break higher above $0.00003535 mid-October. As the floor acted as a launching platform for the higher rally, expect this level to hold as support.
SHIB/USD weekly chart
If investors see a pick up in SHIB price action going into Christmas, a turnaround could be in the making as bulls would gladly stock some Shiba Inu coins at these discounts. Most 2022 forecasts are coming out around this time of year, and most are very bullish on cryptocurrencies, creating a favorable tailwind that should lift sentiment and be able to push price action back towards or above $0.00003535. To the upside, the 55-day Simple Moving Average (SMA) looks to be the first test for profit-taking and if a fade in the price action can be avoided, near $0.00004728.
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
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.