- Shiba Inu price has shown a massive performance since June 8.
- Although SHIB rides hype waves, it has reacted well to Bitcoin news and might continue to do so.
- A 45% upswing might follow a minor retracement toward critical support levels to $0.0000107.
Shiba Inu price saw a massive downtrend between May 24 and June 12, which shattered the May 19 and May 23 lows to set up new ones. Despite a vast drawdown, the recovery for SHIB has been quite spectacular.
More importantly, Shiba Inu price is reacting to significant developments in the cryptocurrency space as well as celebrity endorsements, which has boded well for the meme coin.
Bitcoin’s increasing influence on meme coin community
El Salvador accepting Bitcoin as legal tender was crucial to the cryptocurrency ecosystem, and BTC price reacted accordingly. Interestingly, this news led Shiba Inu price to form a bottom due to the announcement and also rallied 22% as a result.
Soon thereafter, Coinbase announced that it would list Shiba Inu, which pushed the market value of the dog-themed crypto by a whopping 50% in less than 16 hours.
A similar uptrend was noticed after Elon Musk tweeted about Shiba Inu on June 25.
While these events have already occurred, payments giant NCR’s decision to offer bitcoin purchases to its 24 million customers is the next big wave of adoption, which might positively sway Shiba Inu price.
On June 30, Atlanta-based NCR made a deal with NYDIG, a digital asset management firm, to offer Bitcoin purchases to its customers spread across 650 banks in the US. This decision comes as NCR plans to ride the cryptocurrency hype wave, which is becoming apparent recently.
NCR will skirt the complications of holding cryptocurrencies by leveraging NYDIG’s well-known digital asset custody services.
Regardless, this is a huge step forward for the adoption of Bitcoin and cryptocurrencies in general. Therefore, investors can expect a positive trend for BTC, Shiba Inu and other altcoins in the second half of this week.
Shiba Inu price might retrace before blasting off
Shiba Inu price is currently retracing after tagging the 62% Fibonacci retracement level at $0.00000954 for the fourth time over the past month.
The pullback is likely to continue until SHIB finds support at $0.00000811 or $0.00000739. At either of these two demand barriers, investors can expect the resurgence of buyers that might catapult Shiba Inu price forward.
If this were to occur, SHIB is likely to slice through the 62% Fibonacci retracement level at $0.00000954, followed by a retest of the 70.5% Fibonacci retracement level at 0.0000104, a 45% upswing from the support level at $0.00000739.
In a highly bullish case, the meme coin can be expected to produce a decisive 4-hour candlestick close above the 79% Fibonacci retracement level at $0.0000122.
If the buying pressure continues after this development, Shiba Inu price might redefine the upper range.
SHIB/USDT 4-hour chart
On the flip side, if SHIB fails to slice through $0.0000122 and stay above it, it will indicate that investors are more interested in short-term profits, which might result in a downswing to $0.0000101 or if the market participants continue to book profits, $0.00000954.
This move would not be a bearish indication but suggests that Shiba Inu price might take another jab at retesting the upper range.
However, if the meme coin breaks down the support barrier at $0.00000625, the chances of an upswing would be reduced dramatically. In such a case, Shiba Inu might drop to the range low at $0.00000517.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.