• Shiba Inu price saw a retest of the November low on Friday.
  • SHIB price has calmed down as the markets reassess the situation with the new Covid variant, with risk on today.
  • Expect SHIB to pick up speed as more tailwinds return to the markets.

Shiba Inu (SHIB) has been downtrending within a pattern for almost the whole of November. After hitting the low of the month on Friday, with global markets in panic mode, investors could spot buy opportunities as concerns about the new Covid variant started to ease. Expect the pick-up on the buy-side to continue further and signal the start of a new longer-term uptrend towards $0.00008870.

Shiba Inu price to start new long term uptrend cycle

Shiba Inu price came under fire last Friday with massive headwinds from global markets turmoil, which caused SHIB to print a new low for November. During the weekend, sentiment started to fade, as investors weighed in on a return to risk after the first sign the new Covid variant was less harmful than initially thought. A pick-up in buy-volume is seen in the price action from this weekend, with SHIB price fading away from its $0.00003500 low.

SHIB price faces its first real test at around $0.00004465 where the 61.8% Fibonacci level and the 55-day Simple Moving Average (SMA) are situated. Shiba Inu price bulls will be forced to show their hand and prove strength at that level or there is a risk of a  bull trap forming, in which SHIB price spiked up temporarily, drawing in more buyers, only to quickly retreat back down and begin selling off. As global markets are easing and switching back to risk-on, expect these tailwinds to help lift SHIB sentiment and see more and more buyers pick up Shiba Inu coins to add to their portfolio.

SHIB/USD daily chart

SHIB/USD daily chart

Monthly recalibrations in December aside – to pivots, supports and resistances – –  expect bulls to break above the aforementioned 61.8% Fibonacci level and 55-day SMA quite easily, and then to follow up  with a quick return towards the 50% Fibonacci at $0.00005690. As long as current tailwinds are present and even pick up steam, expect this bull run to be there for most of December into the year-end. 

If more negative news emerges concerning the current Covid variant, expect a quick reshuffle by investors, with riskier assets on the chopping block. This would see the SHIB price quickly dip lower towards $0.00003500 and possibly make a new low for November and December. The 78.6% Fibonacci level at $0.00002782 has yet to prove a retest of the bounce on October 23, and could also give some medium-term support for Shiba Inu price.

 


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


Recommended Content

Editors’ Picks

IRS says crypto staking should be taxed in response to lawsuit

IRS says crypto staking should be taxed in response to lawsuit

The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.

More Cryptocurrencies News
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.

More Solana News
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.

More Ethereum News
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election. 

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin 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 ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP