SHIB price looks set to pop 15% towards the monthly S1.
With the high of Tuesday already broken, only the high of Sunday stands in the way of more gains.
Shiba Inu (SHIB) has shed around 40% of its value due to concerns in global markets about the FED rate decision this evening against a background of geopolitical turmoil. As trading progresses into the week, investors are starting to look beyond these headwinds and buy into SHIB price action. This could propel SHIB bulls to ramp up price action towards $0.00002782, constituting a gain of 16% .
Shiba Inu price has not had much luck in 2022 as price action has been mostly to the downside, with bulls being squeezed out of their positions time and time again, resulting in a 49% loss for the year. Global headwinds are the leading cause of the adverse reaction in Shiba Inu as investors are concerned about the policy tightening of the Fed, and the escalation of tensions between Russia and Europe with no solution anywhere in sight. Now the tide seems to be turning as investors start to look beyond these headwinds and begin seeing opportunities on the horizon.
SHIB price sees this reflected in the uptick it has experienced in recent days with higher lows and bulls getting into price action. A further incentive is provided by the Relative Strength Index (RSI) slowly moving away from the oversold area. With the high of yesterday already out of the way, we are likely to see a push above the weekly high near $0.00002311. Once that level gives way, expect bulls to try and reach the port of the monthly S1 at $0.00002478 where it intersects with the 200-day Simple Moving Average (SMA).
SHIB/USD daily chart
As military exercises are ongoing for the moment in the Black Sea, an escalation of violence may not be far away, potentially triggering a global market sell-off, with a flight to safe havens on the cards, and cryptocurrencies back again flat on their backs. In SHIB price, this would translate into a return to the monthly S2 at $0.00001629 with a test of the lows of last week. A break below would trigger a nose-dive move towards $0.00001000, with the RSI deeply in oversold territory.
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