- The Shiba Inu price opens the week strongly with some tail risks overshadowing the price action.
- SHIB price is expected to rally by the end of the week and reach an upward fundamental level.
- Expect to see an ongoing 70% gain by the weekend.
Shiba Inu (SHIB) price moved past a key bearish element, but struggled to sustain its gains. With the price action a little off after Monday’s rise, the bulls are looking for a handful of support to bounce off from. Expect to see another minor correction towards $0.00001000 before a swing trade takes SHIB price soaring towards $0.00001708 and up 70% by the close on Sunday evening.
SHIB award for going out the week with a bang
Shiba Inu price is down a bit on Tuesday after a strong rally on Monday with Europe on a holiday. Sentiment shifted overnight as some small tail risks surfaced and began to worry investors. Admittedly, Australia’s 50 basis point rate hike has spooked investors and bulls expecting monetary policy tightening from the FED and ECB, weighing on risk sentiment that currently provides favorable winds.
The price of SHIB is therefore struggling to climb higher after crossing the red downward trend line present since mid-September. Traders are looking for support which could come from the big handle at $0.00001000. A bounce off this level would mean a massive retrace to $0.00001700 or gains of 70% with the 55-day simple moving average (SMA) and a pivot level both providing a ceiling in this area.
SHIB/USD weekly chart
The extreme risks mentioned above are not one-time events that will quickly fade away overnight. The main headaches for traders are inflation, stagflation and monetary tightening as central banks try to fight inflation and turn off the spigot of cheap money. With less cheap cash to invest, there is more cherry selection and the price of the Shiba Inu might see some waning interest. As a result, SHIB price could drop towards $0.00000500, halving the current price action as Shiba Inu bleeds and sees investors go in search of safer assets to invest in.