During the Asian session this morning, the Shiba Inu price broke through an important trendline.
On Monday, popular cryptocurrencies such as Bitcoin and Ethereum are trading in the red.
A retracement to $0.000008 would be the ideal time to buy SHIB.
The price of Shiba Inu, like most other cryptocurrencies, increased dramatically over the weekend. However, profit-taking appears to be in full swing for SHIB this morning.
The cryptocurrency was in the green across the board during the weekend. Higher-cap tokens were driving the charge, with Bitcoin up about 5%. Profit-taking seized over during the Asian session on Monday morning. As a result of the negative sentiment, other cryptocurrencies, such as Shiba Inu, have fallen in value.
Shiba Inu’s price dropped from $0.00000895 this morning due to profit-taking, wiping out almost all of the gains earned since Saturday am. SHIB had a weekend bounce off the black ascending trend line into $0.00000878, but this support level was broken, and prices sank back to $0.00000837, where they began Saturday morning.
For the time being, the Shiba Inu pricing has managed to stay above that level. However, the question is, “How long?” With the leading cryptocurrencies failing to match their losses, a false breakout appears to be on the cards.
Aside from that, the general mood in the markets this morning was not encouraging. US equity futures are all in the negative this morning, with US markets closed for the holiday. Today’s natural recovery is unlikely due to low volume.
With buyers on the sidelines, SHIB can still drop another leg. On the downside, we’ve already mentioned $0.00000837, which corresponds to the Fibonacci level of 61.8 percent. A challenge of the 78.6 percent mark, where buyers jumped in on Friday night, would be fascinating.
4-hour chart of SHIB/USD
A retest of the 23.6 percent Fibonacci level at $0.00000873 on the upside would indicate that there is still more upside to come.
Nothing has improved the risk sentiment, hence the Shiba Inu price will almost likely pair losses. It’s just as important to wait for the correct approach from purchasers. As previously said, the two crucial levels to keep an eye on are $0.00000820 and $0.00000837.
If more selling pressure comes in today, expect a complete retracement of the advance to $0.0000080 before buyers join in full force./n
