- Shiba Inu price is consolidating at the median line within a parallel channel.
- SHIB price is in buy territory on the Relative Strength Index.
- Invalidation of the current uptrend will be a close below $0.00002370/
Shiba Inu price could continue the bull run as the bulls add more reasons to hodl as the week comes to a close.
Shiba Inu price has multiple bullish signals
Shiba Inu price has been another enjoyable cryptocurrency amongst traders as the SHIB price action has been in sync with classical chart pattern trading methods. It was mentioned in last week's thesis that Shiba Inu bulls would likely rally 15% to $0.00002861. Just days ago, the bulls successfully validated the bullish trade setup as the Shiba Inu price soared into the target level, making a new swing high at $0.00002957.
Shiba Inu price managed to break the 100 Day moving average during the rally before falling below it during yesterday's sell-off. It is worth noting that choppy back and forth price action is common around prominent moving averages. Therefore, the bulls could still maintain their strength.
SHIB/USD 6-Hour Chart
SHIB price provides bullish confluence on the 6-hour chart. For one, the daily trend channel was successfully breached during the 15% rally. Secondly, the current price of $0.0002630 is above the median line of the parallel channel. Lastly, The Relative strength index shows a bottom at 40. With these bullish signals, bears looking to short the notorious meme coin should be careful.
An invalidation for the bullish setup will be a breach below the parallel trend channel at $.00002280. Should this occur, then the overall trend would be deemed a failure. The bulls would likely send Shiba Inu price into $0.00002000 and $0.00001950, resulting in up to a 25% correction from the current SHIB 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
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
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.