Shiba Inu price contemplates 70% rally as Shytoshi Kusama comes to SHIB holders’ support


  • Shiba Inu price is back to grappling with the point of control (POC) at $0.0000118.
  • While a massive upswing is in the works, investors are guessing if it will come after a dip or from its current position.
  • A bounce off $0.0000087 or $0.0000083 could trigger a 105% upswing in SHIB.

Shiba Inu price seems to be sticking close to a significant support level formed over the last three months. A consolidation along this barrier is what led to an explosive move two weeks ago. Therefore, the ongoing consolidation has got investors hoping for another rally. 

The meme coin creator Shytoshi Kusama took to Twitter to support SHIB holders against users who are looking to sow doubt and chaos into the ecosystem. 

Shiba Inu price and its multiple scenarios

Shiba Inu price is hovering close to a key support level, the POC, at $0.0000118. This barrier is the highest traded volume level since April 11 and was crucial in triggering the previous run-ups for SHIB.

On August 14, the Dogecoin-killer, kick-started a 53% ascent, creating a double top at $0.0000179. Since then, Shiba Inu price has undone the gains and is back at the POC, looking to restart a similar move.

So far, the bulls seem to be absent or non-reactive. However, if SHIB consolidates here long enough, causing a resurgence of buyers, it could catalyze a quick run-up. The immediate level that bulls or smart money will look to target is the equal highs formed at $0.0000179.

Therefore, a bounce off $0.0000118 could result in a 52% gain after retesting the $0.0000179 barrier.

While this outlook is easy to comprehend, investors need to be comfortable with the breakdown of the POC and the 9% decline that comes with it. This move will knock SHIB down to retest the immediate support level at $0.0000106. A bounce to $0.0000179 will result in a 68% gain, which is the second scenario.

The third outcome will have the same target but instead of finding support at $0.0000106, Shiba Inu price could dip to $0.0000083 to fill the imbalance first. The rally that emerges here will result in a 104% gain to retest $0.0000179.

SHIBUSDT 1-day chart

SHIBUSDT 1-day chart

Regardless of the multiple scenarios, investors can dollar-cost average their investments at critical support levels mentioned above instead of waiting for a perfect bottom and missing out on the uptrend.

However, if SHIB produces a daily candlestick close below $0.0000074 without a quick recovery, it will create a lower low and invalidate the bullish thesis for Shiba Inu price.

Note:

The video attached below provides a short-term outlook of Shiba Inu price as opposed to the mid-term outlook described above.

 


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

Three Arrows Capital demands $1.5B increase in the FTX lawsuit

Three Arrows Capital demands $1.5B increase in the FTX lawsuit

Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse. 

More Cryptocurrencies News
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park

Missing crypto influencer Kevin Mirshahi found dead in Montreal Park

Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park. 

More Cryptocurrencies News
XRP struggles near $0.7440, could still sustain rally after Robinhood listing

XRP struggles near $0.7440, could still sustain rally after Robinhood listing

Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.

More Ripple News
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.

More Dogecoin News
Bitcoin: Further upside likely after hitting new all-time high

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.

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