- Shiba Inu price broke through the 78.6% Fibonacci level but failed to close above.
- SHIB price breaks back above the monthly pivot in early trading.
- Expect to see an attempt for $0.00003000 near-term, with a longer-term target set at $0.00004490.
Shiba Inu (SHIB) price saw bulls taking the lead on Monday by using the 55-day Simple Moving Average (SMA) handle as an entry point that resulted in the price shooting up to the 200-day SMA of $0.00003000, but bulls were unable to perform a daily close above this level. In the ASIA PAC session this morning, SHIB price is knocking at the door of the 78.6% Fibonacci level at $0.00002782, which opens the path towards 61.8% Fibonacci level at $0.00004490, meaning a whopping 65% gain is within reach. In order to achieve that target, a daily close above the 78.6% Fibonacci should be enough to rally at a tiered pace.
Also read: AMC stock finally begins stalling, so it may be time to book profits
Shiba Inu price set for a phased rally
Shiba Inu price will swing back to $0.00003000, which coincides with the 200-day SMA. Technically, this is the most significant technical hurdle to overcome if investors want to book 65% of gains in this spring rally. In case a daily close above here is reached, a significant bullish signal will be delivered to the markets, which will trigger more investors and day traders to the price action to ramp it further up, resulting in crossing some grounds quite quickly to $0.00003400, which falls in line with the monthly R1.
SHIB price then has only one element that could keep it from popping further upwards to $0.00004465, and that is the $0.00003989 level which coincides with the high of December 24. Not only would that mean that SHIB price is printing new highs for the year, but in the meantime will have wholly reversed the winter downtrend that slammed price action with the Ukraine war. Only a 10% jump remains to hit the 61.8% Fibonacci level and will see a broad and significant fade to the downside as investors will want to book gains and cash in there.
SHIB/USD daily chart
Risk to the downside comes on Tuesday with talks in Turkey between Russia and Ukraine that could provide a setback. Both parties are still talking, but should one party walk away from negotiations, that would mean a big step back for markets as investors have been front-running a positive outcome since last week, with the expectations bar set high. A collapse of SHIB price could result with Shiba Inu price dropping back to $0.00002200, losing support of that 55-day SMA and rebalancing around that green ascending trendline marked up since January 25
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: Retraces to around $75,000 after hitting new all-time high
Bitcoin (BTC) edges slightly down on Thursday and trades at around $74,900 after hitting a new all-time high (ATH) of $76,400 on Wednesday, buoyed by the victory of the crypto-friendly candidate Donald Trump in the US presidential election.
Ethereum price jump spurs most significant ETF inflows in six weeks
After a positive momentum in crypto markets following the outcome of the US presidential election, spot Ether exchange-traded funds (ETFs) in the United States saw their highest inflows in six weeks.
Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory
The prices of top trending meme coins Pepe (PEPE), Bonk (BONK) and FLOKI (FLOKI) experienced double-digit gains following Trump’s victory on Wednesday. The technical outlook suggests that the three meme coins hover around key levels, and the breakout could push these coins higher.
SUI hits new all-time high fueled by Trump election win
Sui (SUI) edges down on Thursday and trades at around $2.24 after hitting a new all-time high (ATH) of $2.38 earlier in the day, buoyed by the victory of a crypto-friendly candidate, Donald Trump, in the US presidential election.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.