- Shiba Inu price has reversed the downtrend, givinig signals that it is set to move higher.
- A pullback to the $0.00000709 and $0.00000705 support levels is a good buying opportunity for sidelined investors.
- A 22% rally that retests the $0.00000904 hurdle is likely to follow SHIB’s retest of a key support level.
Shiba Inu (SHIB) price has breached its two-month downtrend, signaling a potential rally. This development comes after SHIB’s competitor meme coins like PEPE or FLOKI’s recorded a 41% and 15% rally in the last two days. The Dogecoin-killer, also known as SHIB, is late to the bull rally, but it is signaling a potential pullback before a trend reversal.
SHIB vs. FLOKI vs. PEPE performance chart
Also read: Shiba Inu Price Prediction: SHIB can rally 7% if bulls can overcome critical resistance level
Shiba Inu price set to rally, following other meme coins
Shiba Inu (SHIB) price has created five lower highs and four lower lows in the last two months. But the recent uptick in buying pressure has pushed SHIB to breach the trend line connecting the lower highs. This move signals a potential shift in market structure, favoring bulls.
Going forward, investors can expect the altcoin to pull back to $0.00000709 and $0.00000705 support levels, which will also allow the Relative Strength Index (RSI) to retest the 50 mean level. Such a pullback would be a good opportunity for sidelined buyers to accumulate SHIB before an uptrend kick-starts.
Additionally, the RSI will get a chance to bounce off the 50 mean level, allowing the bullish momentum a foothold to bounce from. The resulting uptrend is likely to retest the first hurdle at $0.00000840. Beyond the aforementioned resistance level lies the bearish breaker, extending from $0.00000871 to $0.0000102, from which Shiba Inu price is likely to face selling pressure on the retest of this structure’s lower limit.
A retest of the $0.00000871 level would constitute a 22% gain.
SHIB/USDT 4-hour chart
The uptrend for Shiba Inu (SHIB) price is contingent that it bounces off the $0.00000709 and $0.00000705 support levels while the RSI does the same with the 50 mean level. If this structure succumbs to profit-taking and spike in selling pressure and breaks down with a daily candlestick close below it, it would invalidate the bullish thesis.
In such a case, Shiba Inu price could drop nearly 7% and revisit the October 19 swing low at $0.00000661.
Read more: Pepe Memecoin burns $5.5M tokens prompting 31% rise
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
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
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.
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.