Shiba Inu made an impressive price jump this past weekend, together with most other cryptocurrencies. But it looks like profit-taking is already in full gear this morning for SHIB.
Over the weekend, the crypto was very much in the green across the board. Higher cap tokens were leading the way, with Bitcoin BTC up almost 5%. But during the Asian session on Monday morning, profit-taking took over. Sentiment turned sour and made other cryptos like Shiba Inu dip lower.
The spike in profit-taking this morning saw Shiba Inu's price drop from $0.00000895 level, erasing almost all the profits made since Saturday morning. Although SHIB price had a bounce off the black ascending trend line toward a price of $0.00000878 over the weekend, this support level got broken and prices dipped lower toward the $0.00000837 level, where it started Saturday morning.
Shiba Inu's price managed to stay above that level for now. But the question is, “For how long?”. With the top cryptocurrencies not pairing their losses, a false price breakout looks like it is in the making.
Next to that, the general sentiment in the Crypto markets this morning was not positive. With the US markets closed for the holiday, US equity futures are all in the red this morning. With low trade volume, no natural recovery is expected today.
SHIB price can thus still go another leg lower with buyers on the sidelines. On the downside, we already discussed the $0.00000837 level, which matches the 61.8% Fibonacci level. A test of the 78.6% price level would be interesting as this is where buyers stepped in on Friday night.
To the upside, a retest of the 23.6% Fibonacci level at a price of $0.00000873 would be proof that more upside is yet to come.
Shiba Inu price will certainly pair losses as, overall, nothing has changed the risk sentiment. It is just crucial to wait for the right approach as buyers step in. As said, either price of $0.00000820 or $0.00000837 is the two key levels to watch for a long.
Should more downward and more selling pressure be coming in today, expect a complete retrace of the move toward $0.0000080 before buyers enter in full.
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