- Shiba Inu price cashed 23% in under three days as it slid below the $0.00000625 support level.
- A quick reclaim of the $0.00000727 resistance barrier will add credence to the uptrend narrative.
- A breakdown of the range low will invalidate the bullish thesis for SHIB.
Shiba Inu price is showing signs of life after a massive downtrend. This development is seen across the board, with almost all altcoins resulting from an uptick in Bitcoin price.
If the current trend continues, SHIB is likely to continue heading higher.
Shiba Inu price to kick-start an uptrend
Shiba Inu price is currently indicating what seems like the start of a reversal. This move comes after SHIB crashed 43% over the past two weeks and dipped below the $0.00000625 support level.
This sweep of the said demand barrier allowed market makers to collect liquidity. Therefore, the current setup shows a high chance that the reversal will be successful.
While it is apparent that Shiba Inu price might rally 18% to tag the resistance level at $0.00000727, it is unsure if the bulls can push past it. If the buyers manage to produce a decisive 9-hour candlestick close above $0.00000727, it will serve as a confirmation of the uptrend.
In such a case, SHIB might even tag the 50% Fibonacci retracement level at $0.00000870, roughly a 40% upswing from the current position – $0.00000619.
SHIB/USDT 9-hour chart
While the optimism around the recent uptick in Shiba Inu price is good, it is overly dependent on the pioneer cryptocurrency. Therefore, a potential yet sudden spike in selling pressure that pushes BTC lower could ripple out into a crash for SHIB.
If such a move were to occur, leading to a breakdown of the range low at $0.000000518, it would invalidate the bullish thesis.
In some cases, the selling pressure might even push Shiba Inu price to $0.00000420.
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
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
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.