Shiba Inu Price Prediction: SHIB could rally another 20% based on these factors
- Shiba Inu price rallied 20% during the final trading week of October.
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The recent bearish countertrend is just a 50% retracement of the uptrend rally.
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Invalidation of the bullish outlook is a breach below $0.00000922.
Shiba Inu price took the market by surprise as a 20% rally unfolded early in the week. Key levels have been identified to gauge a potential entry before the uptrend continues.
Shiba Inu price could rally higher
Shiba Inu price rallied in applaudable fashion as the notorious meme coin pulled off a stunning 20% rally. At the current time, the bears have entered the market, forging an 8% decline. Still, there are reasons to believe the uptrend move is still ongoing.
Shiiba Inu price currently auctions at $0.00001089. During the recent upswing, the bulls have breached both the 8-day exponential and 21-day simple moving averages. Now, the two trend indicators converge under the SHIB price, which signals bullish strength.
SHIB/USDT 12-Hour Chart
A Fibonacci retracement tool surrounding the strongest part of the recent rally suggests the current profit-taking consolidation is just a 50% retracement. If market conditions persist, a bullish cross of the indicators could prompt an additional 20% rally. Key bullish targets would be $0.00001250 and potentially $0.00001300.
Invalidation of the bullish thesis could occur if the bears manage to tag the $0.00001040 liquidity zone. A sweep of the low could trigger a mudslide rally toward $0.00000970. The price of Shiba Inu would decline by 11% if the invalidation scenario occurred.
In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
