- Shiba Inu price sees profit taking after mild gains this morning.
- SHIB price could start to lag as major equity indices and the top 3 in cryptocurrencies advance firmly.
- Expect to see a possible risk of a drop by the end of the week as investors pull out preemptively.
Shiba Inu (SHIB) price action is at risk of falling into negative territory as an early fade gets underway, with profit taking after the positive close on Monday. With equities in the green and major cryptocurrencies like Bitcoin and Ethereum making gains, a clear sign on the wall is that investors are only in SHIB price action for the very short-term. The messages overnight of another rocket launch from North Korea towards Japan has triggered some small profit-taking and could see follow-through into the US session, with the risk of a broader fade and new lows for the week.
SHIB price sees some profit taking after North Korea does it again
Shiba Inu price action is going nowhere this morning while the Nasdaq futures are pointing to over 1.75% of gains for the US opening bell, and major cryptocurrencies like Bitcoin are printing over 2% gains for the trading day. The fact that Monday’s rally is seeing some casualties makes a great analogy with the Tour de France, where on the climb to Alpes D’Heuz, saw several cyclists fall behind. Similar to this, SHIB price needs to drop out of the peloton and is at risk of turning negative as the other majors advance.
SHIB price could be setting the scene for some divergence as investors and traders were only in SHIB price action for the very short-term and started to sell their profit from Monday’s rally. Expect price action at max trade near $0.00001150 and look for the low end at $0.00001078. Should that last level, the low of Sunday, give way, expect a drop towards $0.00001000 as the fade broadens and turns into a sell-off.
SHIB/USD Daily chart
Should equities break out of bear market territory and rally back towards significantly higher levels, that would create a massive tailwind for cryptocurrencies as a whole. In such a scenario, expect to see SHIB price action benefit from an inflow of investors with demand side volume exploding and SHIB price nearing $0.00001209. A break above might even see price reach $0.00001350, near the monthly R1 printing roughly 20% of gains in the process.
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 reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
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.
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.