Briefly –
- Shiba Inu price retraces after the mem coin surged 50% with 48 hours.
- The downswing will present a SHIB buying opportunity before the alt catalyze a 30% breakout.
- A break under the $0.0000356 range low will cancel the bullish narrative.
Shiba Inu (SHIB) faces minor correction after recording a sudden upswing in buying strength, resulting in a price rally. This retracement will offer sidelined buyers the opportunity to accumulate SHIB tokens before the coming massive surge.
SHIB Price Prepares a New Rise
Shiba Inu (SHIB) saw a 50% rally between 28 November and 30 November as the mem coin climber to $0.0000543 from $0.0000362. However, the massive surge encounters correction as the al hovers near its trading range’s midpoint around $0.0000452.
Market players can expect Shiba Inu to reverse after dipping into the buying territory. The anticipated downtrend will attract investors that missed the initial opportunity to accumulate $SHIB. That way, Shiba Inu might witness a take-off.
However, market participants that want to enter long positions should wait for Shiba Inu to retest 62% FIB retracement at $0.0000431. Such a dip can catalyze a 25% upswing in SHIB prices, resulting in a range-high retest at $0.0000543.
Overcoming this obstacle will confirm the bull’s strength and trigger an upsurge towards the levels at $0.0000579, then $0.0000652. Meanwhile, a move to $0.0000652 from $0.0000431 would translate to a 46% surge.
As the reversal territory in the $0.0000362 – $0.0000543 range can trigger upswings, chances that massive selling strength will represent downtrends exist. In such a case, traders can expect SHIB to retest its range low near $0.0000362. A brief drop under this level is possible, and market makers can utilize that to gather sell-stop liquidity under the area.
If the upcoming sessions see Shiba Inu producing a daily close under $0.0000356, meme coin enthusiasts might forget the bullish narrative. The crypto can witness a price crash towards $0.0000327.
Meanwhile, Shiba Inu has seen exponential growth in 2021. Though the dog coin joined the capital markets in 2020 August, it has risen remarkably, battling for a spot among the top ten cryptocurrencies by market capitalization.
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