Shiba Inu Ready for More Surges, Bulls Targeting $0.00007
- Shiba Inu’s (SHIB) price movements seem to rest as the Relative Strength Index highlights overbought conditions.
- Shiba Inu witnessed more tailwinds due to spillover effects from Bitcoin, NASDAQ, and Tesla.
- Drawing FIB retracements depicts where the meme coin will head to in its upsurges.
Shiba Inu’s price maintained an impressive rally over the past sessions, its enthusiasts enjoying 61% profits. SHIB movements appear to pause today. Crypto analysts believe that the correction allows bulls to capitalize on SHIB, adding their SHIB holdings. Meanwhile, a FIB retracement from the coins ATL (all-time low) shows a still 83% upswing, potentially aiming at $0.00007364.
Shiba Inu Ready for Another 83% Rise
Traders that purchase SHIB at $0.00002775 might have enjoyed 61% returns. As the meme coin is on a pit stop near $0.00004465, sidelined buyers have the opportunity to join around the $0.0000400 mark. Shiba Inu has climbed above this area twice before. However, SHIB seems to respect the area as its support. Moreover, bulls defend the zone to keep the upside narrative intact.
The alt’s monthly pivot levels appear not to contribute to SHIB’s upsurge. However, fib retracements seem to present a different narrative as the 50% fib matches $0.00003999, and the 78.6% and 61.8% also correspond with May’s critical levels. With that, the following profit zone might be around 38.2% fib near $0.00004761, then $0.00007364. That means today’s investors might achieve 83% gains in the coming days.
Meanwhile, Shiba Inu has chances to correct as its current rally relies on eternal tailwinds. If any of them fades, market players should prepare for a drastic plummet, dragging the coin towards its initial critical support level at $0.00003153. If the global markets sustain risk-off, expect many investors to oust cryptocurrencies during their portfolio reshuffle. That will have SHIB token hitting $0.00002008.
The external triggers helping SHIB rally are spillover effects from Tesla, Bitcoin, and NASDAQ. Some analysts believe that they are not enough to support the token’s momentum. That is why market participants may see a drastic plummet before the meme coin resumes upsurges.
Where do you see SHIB in upcoming sessions in the coming sessions? You can share your views below.