Rancakmedia.com – The Shiba INU SHIB price is stuck within a 16 percent bandwidth variance as price seeks direction without major swings from buyers or sellers.
As the stock market continues to trend up, a bullish breakout, which would lift the price above the upper line that is currently limiting price movement, is likely to occur as a result. Bulls are likely to expect a return to the 61.8 percent Fibonacci level of $0.00004490 after such a break.
Shiba Inu SHIB Expects a Boost from the Stock Market
Since last week, the price of the Shiba Inu has been moving in circles as investors try to figure out where the stock is going.
Lots of event risks lurking on the horizon with a number of interest rate decisions from most of the major central banks this week and some lingering uncertainty surrounding the Covid variations.
On Monday, European stocks have started the week in the green, and in the early hours of trading, US indices are also quoted in the green.
This mood may be the impetus that bitcoin investors are anticipating to trigger a belated Christmas rally.
Price Shiba Inu SHIB
Price SHIB may see bulls try to overcome the red downside upper line from Dec. 1, which price recently respected, resulting in plenty of resistance to the downside.
A break will be an indication for absentee investors to join the rally. If this is true – and if buying volume sees a big spike expect the next rally to reach the 61.8 percent Fibonacci level of $0.00004490 very soon.
Investors will find it difficult to push the SHIB price higher if it reaches that level, as year-end liquidity starts to dry up.
The surge in confidence might trigger a move higher towards the 50% Fibonacci level of $0.00005690 if most central banks expect their monetary policy to be loose.
If the central bank comes out more hawkish, on the other hand, expect rapid price deflation as investors cash in on their positions, triggering a sell-off towards the monthly S2 support level of $0.00001260, representing a potential 60 percent loss.
Shiba INU (SHIB) prices are stuck within a 16 percent bandwidth variance as prices seek direction without major swings from buyers or sellers.
A top-line breakthrough by the Shiba Inu bull is waiting for the right moment. Lots of event risks lurking on the horizon with a number of interest rate decisions from most of the major central banks this week and some lingering uncertainty surrounding the Covid variations.