Following last week’s massive pump and dump of the Shiba Inu coin, bullish Shiba Inu price predictions are re-emerging as the token seems to be rebounding this Monday. The Shiba Inu price rose 300% on 4/5 October and retraced 50%.
Head of Scion Asset Management Michael Burry is one of the sceptics who has continued to knock the Dogecoin knockoff as a “pointless” coin, citing the hefty market supply of the asset. However, such comments have not dampened demand for the coin, as shown by today’s 11.9% gain.
After enduring two days of losses, Shiba Inu price is once more on the up and has so far had little opposition from the bears. A look at the weekend candles shows some choppiness, with bulls and bears fighting to gain control of the price action with the bears just knicking it. However, this Monday, the price action is solidly on the bullish side, with bulls needing to close the candle above the previous closing prices of the last four days to regain control.
If the active daily candle close at the current price level (or higher), the resistance at 0.00002851 (23.6% Fibonacci retracement level) is put in jeopardy. Such a price close also takes out the last five trading sessions’ closing prices and breaks the bullish pennant on the daily chart. This move could initially open the door towards the 7 October high at 0.00003528, before 0.00003806 and 0.00005000 (all-time high) come into the picture.
On the other hand, a failed break results if the bears can force prices downwards and keep them below the closing prices of the 7/8 October candles. This also preserves the 23.6% Fibonacci retracement level and brings in 0.00002431 (38.2% Fibo retracement level) as the new downside target. A continued decline serves up 0.00002091 (50% Fibonacci retracement level) and 0.00001751 as additional targets to the south.
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