Shiba Inu (SHIB) price is under pressure as the token racks up its seventh day of losses – assuming SHIB price does not close above $0.00000859 this evening. To make matters worse, a daily close below a key technical line could bring even more downside risk by increasing the power of bear's hold over price action. Expect this Monday to be crucial for SHIB price action for the rest of the week, with both a 30% drop and a 20% pop potentially on the cards.
Shiba Inu price is in distress after a bloody weekend with traders seeing little silver lining from the previous week’s price action. Given the lack of attractive entry levels in sight, no firm trading plans put forward and the significant inflation headwind not losing strength, it looks like this week will be a repetition of the same scenario of last week. The biggest bogeyman for global markets seems to be ferocious dollar strength, which is grabbing financial markets by the scruff of the neck and keeping investors sidelined for the moment.
SHIB price is at a critical juncture with a fresh can of losses set to be opened if price closes below the red descending trend line tonight. In such a case, another leg lower would be on the cards towards $0.00000600 with the monthly S1 support level and the low of last year nearby. Considering seasonality – with the summer lull just around the corner and the yearly September sell-off also not far – a possible cryptocurrency rally does not look likely, and another 30% drop the more realistic scenario.
SHIB/USD daily chart
If SHIB can close above the red descending trend line, however, all hope will not be lost, and a retrace back to $0.00001000 may still be possible. From a purely technical perspective, that would fit with a retest and bounce off that same red descending trend line. The Relative Strength Index (RSI) is also supporting such a recovery given it is trading in oversold. This could make up some of the incurred losses from Sunday. Depending on the trading week, a possible unwind of dollar strength could open up some more room to the upside to possibly even $0.00001209.
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.
Vasil hard fork is scheduled for September 22. Analysts evaluated Cardano’s potential to climb above all-time highs of $3.01 ahead of the massive event.
Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise.
Shiba Inu price shows a strong adherence to the immediate support level despite the recent crash. However, investors need to be careful as the current position of SHIB could push it either way.
ApeCoin price has been on a massive downtrend as most altcoins have in the last month. However, APE seems to be coiling up to trigger a massive and explosive recovery rally.
Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise, investors can hope for a minor retracement to get on the next leg-up.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.