• Shiba Inu price sees bulls using a triple trifecta to defend price from falling.
  • Although global markets do not have much to cheer for, SHIB looks to be an outlier with plenty of technical reasons to pop higher.
  • Expect a bounce off the moving averages and see a solid uptrend next week.

Shiba Inu (SHIB) price action is supported at the moment by the 55-daily and the 200-daily Simple Moving Average (SMA) just inches from one another with just below a crucial historical level at $0.00002640. As plenty of buy-orders awaits at these three levels, bears face a massive dam that is impossible to break. Expect this crack in sentiment for the bears to see them forfeit on their short positions once good news comes out of Ukraine or central banks take a step back from their hawkish tone, which would trigger a massive blowout rally to $0.00004000.

Shiba Inu set for a bullish outburst

Shiba Inu has all the ingredients needed for a solid rally as several technical supportive elements are falling in line. This week's weekly price action in SHIB got underpinned with the 55-day and the 200-day SMA, both just a few cents away from each other. If that had not done the trick, the historical level at $0.00002430 would have certainly done the trick as new monthly pivot.

With SHIB bulls set to blow into the sky, only one element is missing, which is the catalyst to light the dynamite. With some mild positive news over the weekend on Ukraine going into Monday, it could be that SHIB price trades around $0.00003173 with the monthly R1 resistance level. Very positive news could be that a peace agreement has been reached or that Russian troops are pulling back completely, which would see SHIB prices trading at $0.00003535, as the ultimate target would be at $0.00004000 for the open on Monday when all major futures are opening in the green, and a massive risk on wave lifts global markets higher.

SHIB/USD weekly chart

SHIB/USD weekly chart

News during the weekend could come on the other side, with a more negative outcome heading into the open on Monday. Headlines on crossfire and more mortars and shelling would see Shiba Inu trading around $0.00002640. But would there be proof of a full-scale invasion with Russian tanks rolling in on Ukrainian soil and NATO retaliation with troops and violence, expect SHIB price to tank bank to $0.00001708 by Monday morning completely.

 


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

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

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.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

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.

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