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Shiba-Inu is Oscillating Within a Continuation Pattern, Where Will SHIB Price Head Next?

coinpedia.org 23 October 2021 15:37, UTC
Reading time: ~2 m

People swapped their Dogecoin for Shiba Inu coins, bringing the Shiba Inu cryptocurrency coin to over 1 million new traders this week. However, the Shiba Inu price appears to be oscillating within a continuation pattern, with SHIB lacking directional clarity following a drop in trading volume. 

Apart from a few Altcoins, the bigger cryptocurrency market continued to retest. With a 2.85 percent slump, Bitcoin fell back under $60,000, comparable to Ethereum, trading just above the $4000 level. Ripple fell to $1.09, while Cardano remained stable at $2.15. For the second day in a row, Solana proved to be the market’s greatest winner and is trading at $201 at the time of writing.

Shiba-Inu Price Analysis:

On Friday, Shiba Inu Coin increased by 1.60 percent. The altcoin bearish start to the day, falling to an intraday low of $0.00002703 in the early morning before making a rise.

To bring the 23.6 percent FIB of $0.0000283 and the first significant resistance level at $0.0000286 into action, Shiba Inu Coin would have to avoid a fall through the pivot at $0.0000278. 

However, for Shiba Inu Coin to break out of the 23.6 percent FIB, it will need support from the larger market. 

Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $0.0000285 are likely to be the upper limit. 

Before any pullback, Shiba Inu Coin might attempt resistance at $0.000030 levels in the event of another breakout. $0.0000293 is the second significant resistance level. 

If the price falls through the pivot at $0.0000278, the first major support level at $0.0000271 will be tested.

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