- Shiba Inu price is hovering below the $0.0000118 resistance level and is attempting to overcome it.
- A failure from bulls to flip this hurdle into a support barrier could result in a 20% crash to $0.0000092.
- If SHIB bulls overcome the $0.0000118 blockade, it could trigger a 17% ascent to $0.0000140.
Shiba Inu price is attempting to move higher but is currently plagued with a significant resistance level. Although the Bitcoin price rally on September 4 provided altcoins with a brief moment of bullish outlook, things are changing rapidly and could result in a trend reversal.
Shiba Inu price gives its all
Shiba Inu price has used the $0.0000118 barrier as support between July 31 and September 15, which resulted in a 50% ascent. However, the sell-off after September 15 resulted in a breakdown of this support level and flipped into a resistance barrier.
As a result, Shiba Inu price dropped 16% and is currently undergoing a trend reversal. This surge in bullish momentum has pushed SHIB close to retesting the $0.0000118 hurdle. A failure from buyers to overcome this blockade would result in a rejection that could trigger a sell-off.
With Bitcoin price cooling off after its recent rally, the next move could favor the bears depending on how Shiba Inu price reacts to the aforementioned level. A confirmation of the downtrend will arrive if the meme coin produces a lower low below the October 2 swing low at $0.0000107.
After this, investors can expect Shiba Inu price to slide lower and retest the $0.0000092 support level. This move would constitute a 20% loss and is likely where the downside is capped for the dog-themed crypto.
SHIB/USDT 1-day chart
On the other hand, if Shiba Inu price flips the $0.0000118 hurdle into a support level, it would indicate that the buyers are back. Such a development would invalidate the bearish thesis and trigger a potential rally to $0.0000140.
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
Trump's election chances could impact Bitcoin and crypto prices
The Republican presidential candidate has wooed top crypto voices and community members through several actions, including accepting crypto donations and dedicating a part of the GOP platform to cryptocurrencies and blockchain. The former president also announced the launch of a new crypto platform.
MicroStrategy plans to buy additional Bitcoin following $700 million convertible notes sale
Business intelligence firm MicroStrategy announced that it plans to buy back debts and purchase additional Bitcoin following its $700 million private offering of convertible senior notes —subject to market conditions — to institutional investors.
Ethereum Layer 2s hit key milestone as ETH takes 4% slide
Spot Ethereum exchange-traded funds (ETF) globally continued their weekly outflow streak, posting $19 million in negative flows last week, per CoinShares report. US spot ETH ETFs, outweighed by Grayscale's ETHE outflow pressure, were responsible for over 67% of the flows.
XRP hovers near $0.56 as Ripple, Hedera and Aptos Labs launch MiCA Crypto Alliance
Ripple (XRP) made a key announcement alongside other founding members of a crypto alliance. The DLT Science Foundation is behind the effort, Ripple partnered with Hedera and Aptos Labs.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.