Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
Shiba Inu [SHIB] traded within a range into the weekend. It followed Bitcoin’s [BTC] lead as king coin consolidated within $25K – $24.42K in the same period.
At the time of writing, BTC was moving towards $25K but must deal with the bearish order block at $24.82K on the three-hour chart. SHIB could follow suit too.
Read Shiba Inu [SHIB] Price Prediction 2023-24
Source: SHIB/USDT on TradingView
SHIB rallied after the release of the U.S. CPI data but faced price rejection at the $0.00001400 level. It shrunk by about 9% and found steady ground below the 38.2% Fibonacci retracement level on Friday.
But its recovery has been forced into a trading range of $0.00001300 – $0.00001341 into the weekend.
As such, investors can target the upper and lower end of the range for gains as long as BTC consolidates within the $25K – 24.42K range.
Short-term bulls could aim at $0.00001341 for gains. However, SHIB could surge to $0.00001400 if BTC swings above the $25K level.
How much are 1,10,100 SHIBs worth today?
On the other hand, short-sellers could target the 61.8% and 50% Fib levels for shorting opportunities whenever SHIB faces rejection at $0.00001341 and moves southwards.
Alternatively, SHIB could drop below the 50% Fib level of $0.00001299 if BTC falls below $24.42K.
The Relative Strength Index (RSI) on the three-hour chart moved sideways along the mid-level. It shows the market structure was neutral and could move in either direction depending on BTC’s price action. Thus caution is advised.
Source: Santiment
Investors were bearish on the meme coin, as shown by the
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