Ads
Akash Girimath
FXStreet
Shiba Inu price has been sitting on a mine that could blow up in the bulls’ face if they trigger a premature rally. Investors need to be patient when trading SHIB as it could result in a whipsaw, putting traders out of their positions.
Shiba Inu price has been hovering above the high-time-frame support barrier at $0.0000098 for roughly three weeks and shows no signs of breaching it. Supporting the bulls here is the 200 four-hour Simple Moving Average (SMA) that has served as a stable support floor.
While the uptrend outlook seems plausible, investors need to pay close attention to the Fair Value Gap (FVG) aka the price inefficiency that extends from $0.0000082 to $0.0000093. As long as Shiba Inu price does not fill this, the threat of a sudden reversal hangs over bulls heads.
Hence, investors should expect a 15% retracement to occur if the 200 four-hour SMA is breached. This development will be the first sign, following which, SHIB needs to slice through the $0.0000095 support barrier.
SHIB/USDT 4-hour chart
While things might seem bearish after a quick glance, they are not. In fact, the faster Shiba Inu price fills the FVG, extending between $0.0000082 to $0.0000093, the quicker SHIB bulls can trigger an uptrend.
However, if Shiba Inu price prematurely bounces off the 200 four-hour SMA at $0.0000098, it needs to move past the $0.0000139 hurdle and flip it into a support floor. Doing this will invalidate this bearish outlook for the meme coin and trigger further ascent.
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 shows an interesting setup that could reveal its next move. On closer inspection, its technicals support a bearish outlook for the leading crypto.
Shiba Inu price is on the frontline of ushering in the weekend with a daily bullish candle alongside other crypto assets such as Solana, Binance Coin and Polkadot.
Cardano price is ready to rally after triggering the same pattern for the fourth time in the last two months. This development could provide buyers and traders with a quick and easy setup to capitalize on.
Solana price firmly held to slightly higher support to curb declines witnessed this week compared to July’s primary anchor at $35.00. The smart contracts token suffered a significant hack attack early Wednesday.
Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection, its technicals support a bearish outlook for the leading crypto.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
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.
Ads
