{"id":209118,"date":"2021-12-25T23:30:41","date_gmt":"2021-12-25T18:00:41","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=209118"},"modified":"2021-12-26T07:39:11","modified_gmt":"2021-12-26T02:09:11","slug":"shiba-inus-price-will-be-determined-by-these-factors-going-forward","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/shiba-inus-price-will-be-determined-by-these-factors-going-forward\/","title":{"rendered":"Shiba Inu’s price will be determined by these factors going forward"},"content":{"rendered":"

On higher time frames, Shiba Inu reached an area of significance at $0.029 (Note: All SHIB prices in the following article are 1000x the actual value, to do away with long decimal places. For example, a SHIB price of $0.00003319 written as $0.03319).<\/p>\n

It saw buyers step in at that area and indicated a rally<\/a> could begin in the days to come. Since then, SHIB has gained nearly 26% to reach the $0.0378 level of resistance.<\/p>\n

SHIB — 1-hour chart<\/h3>\n
\"\"<\/a>
Source: SHIB\/USDT<\/a> on TradingView<\/figcaption><\/figure>\n

Two sets of Fibonacci retracements were used, the gray from $0.03785 highs to $0.0284 lows, and the yellow from $0.0284 lows to $0.03987 highs. The two sets of retracements had confluence (overlap) at the $0.034 area.<\/p>\n

The $0.034 level was also the Point of Control (PoC) highlighted by the Visible Range Volume Profile. The price was well above this level, a sign of short-term bullish strength. A revisit of the $.0357 level was also bought up to push the price to the $0.037 area of resistance once again (red box).<\/p>\n

This area also has retracement levels for the recent moves SHIB saw, alongside being an important level on lower time frames. Hence, SHIB could move sideways for a while before expansion.<\/p>\n

Rationale<\/h3>\n
\"\"<\/a>
Source: SHIB\/USDT<\/a> on TradingView<\/figcaption><\/figure>\n

The RSI momentarily climbed above neutral 50 but was rejected pretty quickly. This could see SHIB dip once more, possibly by as much as 4% to the $0.0355 area.<\/p>\n

The CMF was above +0.05 to show that capital flow was into the market still, and buyers held more strength in the market over the past couple of days.<\/p>\n

Momentum stalled but buyer strength was still in evidence, and this meant that SHIB was more likely to consolidate at\/below $0.037 for some time before another leg upward.<\/p>\n

Conclusion<\/h3>\n

Bitcoin will also have a strong say on Shiba Inu’s price movement. In the short term, SHIB momentum was neutral and a revisit to $0.035 could occur. However, if Bitcoin continued to rise\/stay above $50.8k, SHIB could have a chance to run higher.<\/p>\n

The 61.8% extension level of the move from $0.0282 lows was at $0.047, which had confluence with a higher time frame resistance. This confluence lent credence to this (yellow) set of Fibonacci retracement levels.<\/p>\n

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

On higher time frames, Shiba Inu reached an area of significance at $0.029 (Note: All SHIB prices in the following article are 1000x the actual value, to do away with long decimal places. For example, a SHIB price of $0.00003319 written as $0.03319). It saw buyers step in at that area and indicated a rallyContinue reading “Shiba Inu’s price will be determined by these factors going forward”<\/span><\/a><\/p>\n","protected":false},"author":57,"featured_media":209119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-209118","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nShiba Inu's price will be determined by these factors going forward - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Shiba Inu saw buyers step in at the $0.028 area and indicated a rally could begin in the days to come. 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