The second largest meme coin, Shiba Inu (SHIB), is in the wallets of many investors. This audience of investors is also wondering what will happen next in crypto money. Filip L., a crypto analyst, comments on the next levels and the general movements of SHIB. The analyst believes that SHIB could show a 70 percent gain in value if a certain pattern is formed. Here are the details…
What levels are next for SHIB?
Shiba Inu (SHIB) price climbed above a bearish element, but had problems sustaining its gains, as we have also reported on Kriptokoin.com. After Monday’s rally, price action lags a bit as the bulls are looking for a support arm to bounce back. “Expect to see a minor correction towards $0.00001000 before SHIB price climbs to $0.00001708 and rallies as much as 70 percent by Sunday evening’s close,” said analyst Filip L.
Shiba Inu price fell slightly this Tuesday after a solid rally Monday during a European public holiday. Emotions changed overnight as some minor rally risks began and began to worry investors. Australia’s 50bp rate hike scared off investors and they began to expect further monetary policy tightening from both the Fed and the ECB.
Shiba Inu price up 70 percent
SHIB price is struggling to rise after breaking above the red descending trendline that has been present since mid-September. The bulls are looking for support that could come from the big break out of $0.000001000. A bounce from this level would mean a big swing trade back to $0.00001700, or 70 percent gains, with the 55-day Simple Moving Average (SMA) and a key level both providing an upper bound in this area.
According to the analyst, the aforementioned tail risks do not disappear quickly overnight. While central banks try to fight inflation and turn off the cheap money tap; The biggest headaches for traders came from inflation, stagflation and monetary tightening. The Shiba Inu price may see some waning interest. As a result, SHIB price could drop to $0.00000500 and halve the current price action as the Shiba Inu bleeds and investors look for safer assets to invest in.
At the time of writing, SHIB is changing hands at $0.0000010, up 0.6 percent. The most popular meme coin, which fell to 17th place with its market value declining, could not reach the record it broke last year again.
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