- Shiba Inu price sees losses being paired back instantly.
- SHIB price overall in a wedge that looks set to break to the upside.
- Although still some way off, catalyst events over the weekend could trigger a preemptive breakout.
Shiba Inu (SHIB) price slipped in late trading hours on Thursday after earnings shook the markets. Instead of seeing a continuation to the downside, bulls have already pared back most of the incurred losses and are back on track to test the sloping side of a wedge pattern. Add to that the fact that there is a catalyst event this weekend with the French elections, where Macron is set to win according to the polls, and price action is set to pop in favour of bulls.
SHIB price set to shift to the upside over the weekend
Shiba Inu price is under the pressure of the red descending trendline that kicked in on April 13. Since then, it has withstood two tests followed by a rejection to the downside. But looking from the downside, the green ascending trend line that for now only holds one test is squeezing buyers and sellers towards each other with lower highs and higher lows.
SHIB price is thus in the process of an explosive cocktail once buyers and sellers are so close to one another that a simple catalyst is enough to set a spark to SHIB price to either make a big pop or nose dive move. The biggest known catalyst is the French election over the weekend, where Macron is gaining further in the polls and deepening his lead. Assuming he wins, expect to see a sigh of relief on Monday, helping cryptocurrencies to thrive in a risk-on background, where SHIB price is set to pop above $0.00002550 towards $0.00002800, returning 15% of value to your portfolio.
SHIB/USD 4H-chart
As with any catalyst, the predicted outcome can always surprise in the opposite direction. The French elections could send a shock through the whole political equilibrium of Europe if a far-right president was elected. In such a scenario, expect to see a drop in the euro, feeding dollar strength and, in its turn, a spillover into cryptocurrencies with downward pressure as a result. SHIB price would then drop to $0.00002350 and possibly slip below $0.00002250.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
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.
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.
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.