NewsPrice Analysis

Shiba-Inu is Oscillating Within a Continuation Pattern, Where Will SHIB Price Head Next?


People swapped their Dogecoin for Shiba Inu coins, bringing the Shiba Inu cryptocurrency coin to over 1 million new traders this week. However, the Shiba Inu price appears to be oscillating within a continuation pattern, with SHIB lacking directional clarity following a drop in trading volume. 


Apart from a few Altcoins, the bigger cryptocurrency market continued to retest. With a 2.85 percent slump, Bitcoin fell back under $60,000, comparable to Ethereum, trading just above the $4000 level. Ripple fell to $1.09, while Cardano remained stable at $2.15. For the second day in a row, Solana proved to be the market’s greatest winner and is trading at $201 at the time of writing.

Shiba-Inu Price Analysis:

On Friday, Shiba Inu Coin increased by 1.60 percent. The altcoin bearish start to the day, falling to an intraday low of $0.00002703 in the early morning before making a rise.

To bring the 23.6 percent FIB of $0.0000283 and the first significant resistance level at $0.0000286 into action, Shiba Inu Coin would have to avoid a fall through the pivot at $0.0000278. 

However, for Shiba Inu Coin to break out of the 23.6 percent FIB, it will need support from the larger market. 

Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $0.0000285 are likely to be the upper limit. 

Before any pullback, Shiba Inu Coin might attempt resistance at $0.000030 levels in the event of another breakout. $0.0000293 is the second significant resistance level. 

If the price falls through the pivot at $0.0000278, the first major support level at $0.0000271 will be tested.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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