Connect with us

SHIB

Shiba Inu price might ride Bitcoin adoption wave and rally 45% soon

Published

on

  • Shiba Inu price has shown a massive performance since June 8.
  • Although SHIB rides hype waves, it has reacted well to Bitcoin news and might continue to do so.
  • A 45% upswing might follow a minor retracement toward critical support levels to $0.0000107.

Shiba Inu price saw a massive downtrend between May 24 and June 12, which shattered the May 19 and May 23 lows to set up new ones. Despite a vast drawdown, the recovery for SHIB has been quite spectacular.

More importantly, Shiba Inu price is reacting to significant developments in the cryptocurrency space as well as celebrity endorsements, which has boded well for the meme coin.

Bitcoin’s increasing influence on meme coin community

El Salvador accepting Bitcoin as legal tender was crucial to the cryptocurrency ecosystem, and BTC price reacted accordingly. Interestingly, this news led Shiba Inu price to form a bottom due to the announcement and also rallied 22% as a result.

Soon thereafter, Coinbase announced that it would list Shiba Inu, which pushed the market value of the dog-themed crypto by a whopping 50% in less than 16 hours.

A similar uptrend was noticed after Elon Musk tweeted about Shiba Inu on June 25.

Advertisement

While these events have already occurred, payments giant NCR’s decision to offer bitcoin purchases to its 24 million customers is the next big wave of adoption, which might positively sway Shiba Inu price.

On June 30, Atlanta-based NCR made a deal with NYDIG, a digital asset management firm, to offer Bitcoin purchases to its customers spread across 650 banks in the US. This decision comes as NCR plans to ride the cryptocurrency hype wave, which is becoming apparent recently.

NCR will skirt the complications of holding cryptocurrencies by leveraging NYDIG’s well-known digital asset custody services.

Advertisement

Regardless, this is a huge step forward for the adoption of Bitcoin and cryptocurrencies in general. Therefore, investors can expect a positive trend for BTC, Shiba Inu and other altcoins in the second half of this week.

Shiba Inu price might retrace before blasting off

Shiba Inu price is currently retracing after tagging the 62% Fibonacci retracement level at $0.00000954 for the fourth time over the past month.

The pullback is likely to continue until SHIB finds support at $0.00000811 or $0.00000739. At either of these two demand barriers, investors can expect the resurgence of buyers that might catapult Shiba Inu price forward.

Advertisement

If this were to occur, SHIB is likely to slice through the 62% Fibonacci retracement level at $0.00000954, followed by a retest of the 70.5% Fibonacci retracement level at 0.0000104, a 45% upswing from the support level at $0.00000739.

In a highly bullish case, the meme coin can be expected to produce a decisive 4-hour candlestick close above the 79% Fibonacci retracement level at $0.0000122.

If the buying pressure continues after this development, Shiba Inu price might redefine the upper range.

Advertisement

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

On the flip side, if SHIB fails to slice through $0.0000122 and stay above it, it will indicate that investors are more interested in short-term profits, which might result in a downswing to $0.0000101 or if the market participants continue to book profits, $0.00000954.

This move would not be a bearish indication but suggests that Shiba Inu price might take another jab at retesting the upper range.

Advertisement

However, if the meme coin breaks down the support barrier at $0.00000625, the chances of an upswing would be reduced dramatically. In such a case, Shiba Inu might drop to the range low at $0.00000517.

News Source

Advertisement

SHIB

Shiba Inu price looks south towards $0.0000060 as technicals favor SHIB bears

Published

on

  • Shiba Inu extends the losing streak for the third straight day on Sunday.
  • SHIB price looks south towards the pivotal 38.2% Fib support.
  • Upside remains elusive with 61.8% Fib offering strong resistance.

Amidst an underlying downbeat mood across the crypto market, Shiba Inu extends the bearish momentum into the third straight day on Sunday.

In doing so, SHIB price maintains this week’s range trade, consolidating the corrective pullback from three-month tops of $0.00000950.

The tide is seen turning in favor of SHIB bears once again, as well depicted by Shiba Inu’s daily technical graph, with the market licking its wounds from the China-led blow.

The People’s Bank of China (PBOC) said on Friday, the Chinese central bank, said it was illegal to facilitate cryptocurrency trading.

Advertisement

SHIB price is trading in a tight range just above $0.0000070, shedding over 2% so far, looking vulnerable starting out a fresh week.

SHIB bears remain hopeful whilst below Fib 61.8% level

The meme-based coin managed to find strong bids at $0.00000676, the 38.2% Fibonacci Retracement (Fib) level of the recovery from the September 7 lows of $0.00000510 to the three-month tops of $0.00000950.      

However, the recovery rally from five-day lows ran into strong offers at the critical 61.8% Fib level at $0.00000781, knocking off DOGE price back below all the major Daily Moving Averages (DMA).

Advertisement

However, for the upswing to extend, SHIB price needs to find a strong foothold above the critical 61.8% Fib level at $0.00000781 on a daily candlestick closing basis.

The 14-day Relative Strength Index (RSI) has pierced through the midline for the downside, changing course and signaling that there is room for additional weakness.

Therefore, SIHIB bears once again look to retest the abovementioned 38.2% Fib level on selling resurgence.

Advertisement

A daily closing below the latter will expose the 23.6% Fibo level of the same advance at $0.00000612. That level will be the line in the sand for the SHIB buyers, a breach of which will call for a resumption of the double top bearish reversal from near $0.00000950 levels.

SHIB/USDT: Daily chart

Alternatively, immediate resistance is envisioned at the 50% Fib level at $0.00000729, where the 21-DMA hangs around in close proximity.

Further up, the 61.8% Fib level at $0.00000781 will be a tough nut to crack if the upside momentum gathers steam.

Advertisement

SHIB bulls will then charge up to test $0.00000855, which is the 78.6% Fib level. Only a firm break above the latter could revive the uptrend towards a powerful barrier at $0.00000950.

News Source

Advertisement
Continue Reading

Shiba

Shiba Inu price consolidates as SHIB bulls prepare for 22% advance

Published

on

  • Shiba Inu price rose 54% between September 13 and September 17 but failed to sustain itself.
  • As a result, SHIB retraced 17% and is consolidating in hopes of retesting the $0.00000963 level.
  • A breakdown of the $0.00000620 support floor will invalidate the bullish thesis.

Shiba Inu price rallied exponentially on September 16, slicing through plenty of resistance levels. However, the bullish momentum grew exhausted as it retested the August 16 swing high. Now, SHIB is currently consolidating between two crucial barriers, anticipating a volatile move.

Shiba Inu price prepares for another leg-up

Shiba Inu price climbed 54% starting September 13. However, the bulls disappeared as the uptrend extended beyond the August 16 swing high at $0.00000950. Since this point, SHIB retraced 22% as it sliced through the $0.00000768 support floor.

A resurgence of buying pressure seems to have matched the holders booking profits, leading to consolidation between the $0.00000768 and $0.00000835 barriers.

This development is typically followed by a burst in volatility, leading to a breakout of the price in either direction. Considering the big crypto’s bearish move over the weekend, the meme coin will likely rally, causing altcoins to do the same. Therefore, investors can expect Shiba Inu price to break out and trigger a 22% rally to retest the 62% Fibonacci retracement level at $0.00000963. In some cases, the uptrend might extend to the 70.5% Fibonacci retracement level at $0.0000101.

Advertisement
SHIB/USDT 1-day chart

SHIB/USDT 1-day chart

On the other hand, if Shiba Inu price fails to hold above the $0.00000768 support floor, it will indicate that the sellers have taken control. In such a situation, investors can expect SHIB to slide 16% to retest the $0.00000654 and $0.00000625 demand barriers.

A decisive daily close below the $0.00000625 foothold without a quick recovery above $0.00000654 will invalidate the bullish thesis.

Such a move might trigger Shiba Inu price to slide 12% to retest the range low at $0.00000549.

Advertisement

News Source

Continue Reading

SHIB

Shiba Inu price is on the brink of a breakout to $0.00001115

Published

on

  • Shiba Inu price made a new low in its existence last week. 
  • SHIB bulls used that correction for a buy-up towards a new high since July. 
  • A few essential technical elements got reconquered by buyers and should provide support in the coming week.

Shiba Inu (SHIB) formed the perfect scenario for a bull trap two weeks ago. In the week after that, price action made new lows in the existence of Shiba Inu, and buyers have used the lucrative move for picking up some Shiba Inu for their portfolio and longs in SHIB.

Shiba Inu price made a new high since the summer and look to add another 30%

Shiba Inu price is back in favor of the buyers after the love between the bulls and SHIB was at an all-time low since the bull trap from two weeks ago. Bulls go lured into buying SHIB at  $0.00000760. The week after that, in a failed attempt to run price action back towards the dotted descending trend line or the R1 monthly pivot at $0.00000900. Instead, buyers got washed out of their long positions, and the price retreated below $0.00000550. 

This event allowed buyers to step in and buy some SHIB at a very attractive discount. This renewed love between Shiba Inu and bulls got confirmed this week with some solid buying into the price action, resulting in a new high since July.

SHIB/USD weekly chart

SHIB/USD weekly chart

It will be essential to see if buyers can keep price action above the dotted descending trend line next week. A close above there this week would be helpful as a launching point towards $0.00001115. That is the first fundamental level of importance and has not been adequately tested yet, although there have been several resistances from previous months around this level.  

Advertisement

If sellers cannot close this above $0.00000760, expect another bull trap is taking effect and could see buyers pulling their funds out of Shiba Inu again, leaving the price action in the hands of sellers. A retest of $0.00000500 would be inevitable then.

News Source

Advertisement
Continue Reading

Trending