Key Takeaways:
• During the final trading week of October, the price of Shiba Inus increased by 20%.
• Just a 50% retracement of the uptrend rally may be seen in the current bearish countertrend.
• If $0.00000922 is breached, the bullish outlook will be invalidated.
Shiba Inu Further Price Increase a Possibility
Shiba Inu price rose impressively as the infamous meme coin pulled off an impressive 20% rally. The market is currently experiencing an 8% fall as the bears have taken control. However, there are reasons to think the upward movement is still in progress.
Shiiba Inu is being auctioned off for $0.00001089. The bulls have broken through both the 8-day exponential and 21-day simple moving averages during the most recent rise. The two trend indicators are now converging under the SHIB price, indicating a strengthening bullish trend.
The present profit-taking consolidation, according to a Fibonacci retracement tool encompassing the strongest portion of the recent run, is only a 50% retracement. A bullish cross of the indicators might lead to an extra 20% gain if market circumstances hold. The price of $0.00001250 and possibly $0.00001300 would be important bullish targets.
If the bears succeed in tagging the $0.00001040 liquidity zone, the bullish thesis may be proven false. If the low is broken, a mudslide rally toward $0.00000970 can start. The invalidation scenario would result in an 11% drop in Shiba Inu's price.
