- Shiba Inu price analysis is bullish today.
- SHIB/USD is trading at $ 0.00006901.
- Closest support at $0.00006.
Today’s Shiba Inu price analysis is favorable since the $0.00006 mark should prevent further decline after a mild retracement from the $0.000077 mark. As a result, we may expect SHIB/USD to rise as a new high is established.
We expect a key resistance to be located at $0.00009, in which a break will open up SHIB/USD towards the 200 Day EMA located at $0.00015, from where we will likely see selling pressure take over.
After this level, the price is expected to make a new higher low. As the continuous retracement from a high of $0.00007 levels to a low of $0.00006 approaches its end, SHIB’s price should prevent further losses, according to Fibonacci retracement rules.
As a result, the Fibonacci retracement levels from a high of $0.00007 to a low of $0.00006 should provide support for SHIB/USD today, as we expect another impulse wave to the 200 Day EMA at $0.00015, after which we should see some selling pressure take over according to on Fib.
Bulls will have to break past strong resistance at the key psychological level of $0.00009, where they will most likely fail and fall back down as per our previous technical analysis when we pinpointed that major resistance of $0.00009 would most likely hold on any future up move according to Fibonacci retracement rules.
SHIB/USD 4-hour chart: SHIB looks to retest $0.00006 as support today?
On the 4-hour chart, we can see the Shiba Inu price action approaching $0.00006 previous support after a slow retracement over the last 24 hours, likely resulting in a reversal.
Shiba Inu price action has seen strong performance in October. After a series of highs and lows over the past weeks, a new all-time high was set at $0.0000885 on the 27th of October and retested a day later.
After a key resistance is broken at $0.00009, SHIB/USD will likely head towards the 200 Day EMA located at $0.00015, from where we should expect some selling pressure according to Fibonacci extension levels.
We are bullish on SHIB, and we recommend buying at current levels. Since we have established a key resistance at $0.00009, we will likely see it collapse as an outcome of the 200 Day EMA at $0.00015. We should expect some selling pressure to take over, as highlighted in our previous analysis reported earlier by us.
Shiba Inu price analysis today is bullish as the $0.00006 holds support by steady retracement from a high of $0.00007 to a low of $0.00006, which should prevent further downside according to Fibonacci retracement rules pointing out that after every impulse wave and subsequent correction, a new higher low is established in a bullish fashion.
Shiba Inu Price Analysis: Conclusion
The current Shiba Inu price analysis is optimistic since we expect the $0.00006 support to prevent additional declines. As a result, we anticipate SHIB/USD to rebound once more when the support is revisited.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.