Shiba Inu price has been waiting to find a perfect support level for months after its recent explosive move. Despite undoing the gains of the last rally, SHIB has not reached a stable foothold. However, things are looking up as the meme coin prepares for a volatile move.
Shiba Inu price has been hovering above the $0.0000118 support level for more than a month. After it flipped this level on August 5, it consolidated above it for some time before triggering a 50% rally.
Although the Shiba Inu price undid these gains in the next few days, it traded above the inclined trend line and a horizontal support level at $0.0000118. However, on September 15, SHIB breached this confluence, confirming the start of a downtrend.
If this trend continues, Shiba Inu price will likely crash 25% and fill the inefficiency, extending from $0.0000083 to $0.0000093. This move, from a short-term perspective, could seem bearish but it will set a base for the long-term bullish play.
For more details on how this drop factors into the larger outlook check this article out.
This support level promises a 120% recovery rally for Shiba Inu price
SHIB/USDT 4-hour chart
However, if Shiba Inu price takes a U-turn and produces a daily candlestick close above the $0.0000118 barrier, it will denote weakness among the bears. If this hurdle is flipped into a support floor, it will invalidate the bearish outlook. This development could see Shiba Inu price prematurely trigger the run-up to $0.0000179.
This video explains the short-term and long-term outlook for Shiba Inu and how you can position yourself accordingly.
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.
Bitcoin price has been on a rollercoaster ride since June 18. The most recent yet explosive run-up has hit targets mentioned in our previous publication.
Post the successful completion of Ethereum’s Merge and a recovery of the crypto ecosystem’s market capitalization, Shiba Inu is on track to recover from its losses.
Ethereum Classic (ETC) defaults on some very important levels in the aftermath of the software upgrade to crypto bigger brother Ethereum.
Binance Coin (BNB) price is popping higher while most other cryptocurrencies are on the back foot, unable to recover from the intraday melt-down on the back of Ethereum’s Merge.
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.