We would expect those levels to act as resistance on the way up however as traders that bought the dip take profit near those round numbers, which can act as psychological resistance for sellers – although they can also be attractive to new buyers. Technical analysis (TA) is not an exact science. The next price targets would then be at each Fibonacci retracement level – at just under $0.00005, $0.00006 and just over $0.00007. If the SHIB price can reclaim that level to the upside, it would also make a higher high and suggest a new Shiba Inu bull cycle has been confirmed (uptrends consist of higher highs and higher lows). We’d expect it to then enter a new sideways range and at least test the 0.382 Fibonacci level in early 2022 – at a price of $0.00004. If Shiba Inu can retest and hold that level it would put in a higher low and break the current bearish market structure (of lower highs and lower lows). Many investors and traders will have had their stop losses under the 0.236 Fibonacci line – the brief two week deviation below that line followed by a strong reclaim of it on increasing volume, suggests that may have been a ‘shakeout’, common in crypto markets. Via Techie Digest Will SHIB go up in 2022? Shiba Inu also announced plans to finalize the beta launch of their decentralized governance forum Doggy DAO, which will allow SHIB token holders and community members to have a say in the Shiba Inu project. This month lead Shiba Inu developer Shytoshi Kusama announced that Shiba Inu has signed a partnership with fast food chain Welly’s, and will be opening SHIB themed stores where customers can use the meme token to make payments and purchase NFTs. This has improved investor confidence in altcoins and more ‘risk on’ assets such as meme coins – both Dogecoin (DOGE) and Shiba Inu saw rallies this week, although SHIB’s was larger. The markets have since stabilised and has seen a rally alongside some bullish news updates such as Russia announcing they own over $200 billion in Bitcoin and India relaxing its stance on cryptocurrency.īitcoin has since regained the price level where Facebook and Instagram announced they would support the minting of NFTs and is currently trading at around $43,000 after a spike back to $45,500. Paypal, Netflix and then Facebook saw large losses in marketcap and the S&P 500 wicked below its 200 daily SMA (simple moving average). The price did eventually break below that area, however that was at a time when the stock market and Bitcoin – which has been correlated to the S&P 500 recently – also crashed and set new lows. Fibonacci levels tend to act as strong support and large buyers place bids at these areas.Īn early wick towards that line – at a price of just over $0.000028 was front ran, bouncing before reaching it, and two furthers wicks bounced at that support line. 2022 Shiba Inu Price Actionīased on the Fibonacci retracement levels marked on the SHIB price chart above, Shiba Inu bounced from its 0.236 Fibonacci line in late 2021 and again in early 2022 – showing buyer interest at this level. Then it put in a 100% bounce this week back to $0.000035, leading investors to ask if Shiba Inu will go up in 2022 and make new all-time highs. Join Our Telegram channel to stay up to date on breaking news coverageįrom its previous bull market top of approximately $0.0000885 in October 2021, the Shiba Inu price has since corrected 80% to around $0.0000175.
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