• Shiba Inu price takes a breather as RSI points to overbought.
  • SHIB price saw additional tailwinds with spillover effects from Nasdaq, Tesla and Bitcoin. 
  • Drawing Fibonacci retracements reveals where price could go next in this uptrend.

Shiba Inu price has been on a tear since Friday, generating 61% gains for investors. SHIB price is taking a breather today, however, providing bulls with the opportunity to add to their SHIB positions. A Fibonacci retracement from the all-time low reveals there is still 83% more gains in the uptrend, potentially targeting $0.00007364.

Shiba Inu price bound for another 83% gains

Traders who bought Shiba Inu price at $0.00002775 will have seen their positions return around 61% of profits. As Shiba Inu price takes a pit stop at around $0.00004465, new buyers and buyers who want to re-enter the trade have the option to at $0.00004000. SHIB price already broke through this level twice before, but today is respecting it as support, with bulls defending the level to keep the uptrend alive.

For SHIB price monthly pivots do not seem to have played a part in the uptrend. Fibonacci retracements are another story, however, with the 50% Fibonacci level falling in line with $0.00003999, and both 61.8% and 78.6% also falling in line with crucial historical levels from May. Considering this, the next profit level is likely to be at the 38.2% Fibonacci level near $0.00004761 and ultimately $0.00007364, which means that entering today could offer 83% of gains in the future.

SHIB/USD daily chart

SHIB/USD daily chart

As mentioned, Shiba Inu price could start to retrace as the current rally depends on many external tailwinds. Should one or all of these start to fade, expect a quick nose dive in the price action towards $0.00003153 as first real support. In the case that global markets completely shift to risk-off, expect cryptocurrencies to be the first to be ousted in the portfolio reshuffle and SHIB price to hit $0.00002008.




 


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

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. 

More Ripple News
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.

More Dogecoin News
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.

More Hedera News
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.

More Ethereum News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

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