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It has gone quiet around the Shiba Inu (SHIB) memecoin project. Although well over 50 percent of all SHIB tokens have now been burned and the community-driven project recently launched a VIP Network app the SHIB course has not yet managed to regain its former strength. In the past seven trading days, Shiba Inu has at least benefited from the broad-based recovery in the crypto market and is up around 10 percent northward. The SHIB course broke through the EMA50 (orange) and the supertrend in the daily chart. On Tuesday (Jan. 10), however, the price failed with a crash at the first important resistance area (turquoise) and lost a good nine percentage points from yesterday’s daily high to currently USD 0.00000886. The bulls should only breathe a sigh of relief when it stabilizes above USD 0.00000973. A follow-up increase up to the yellow resist area around the December high at USD 0.00001010 would then have to be planned for. If, on the other hand, the SHIB price falls back into the green support zone around the last low at USD 0.00000782, the bulls must be on hand to avert another sell-off to the previous year’s low.
Bullish price targets: $0.00000926/970 $0.00001010/1030, $0.00001129/1161, $0.00001261, $0.00001360, $0.00001519, $0.00001686, $0.00001859 $0.00002114 $.00002298, $0.00002504
SHIB: Bullish price targets for the coming months
In order for the SHIB course to be able to continue its positive trend of the last few weeks, the turquoise area must first be sustainably overcome. Above that, the aim is to recapture the USD 0.00001030 mark at the end of the day. As a result, the bulls may attempt to target last month’s high in the yellow zone. Should it also be possible to dynamically break through this area at USD 0.00001030, there would be room for a march through to the EMA200 (blue) at USD 0.00001129. The purple resist area is the first important target zone for buyers. Should Shiba Inu also be able to jump over this price level, the golden pocket of the current price movement is waiting in the blue resistance zone. At USD0.00001261, the bears may attempt another turnaround to the south.
Will the memecoin make the course revival?
However, if the buyer side keeps the pressure on and can also break through this price level, the next relevant price target is activated at USD 0.00001360. An increase to this price mark is an important sign of life for the memecoin. A liberation up to the October 2022 high of USD 0.00001519 could then be considered. Investors are likely to make more profits here. If this resistance level is also recaptured in the medium term, the upward movement will expand into the orange zone. However, the path is likely to be rocky already at the lower edge at USD 0.00001686. Already in August of the previous year, this price mark could not be exceeded by the daily closing price. If, contrary to expectations, the crypto market recovers significantly from its lows in the coming months, a rise to the higher-level 38 Fibonacci retracement at USD 0.00001859 would at least be conceivable. However, it is currently at least questionable whether the bulls will be strong enough to also approach the red resistance area between USD 0.00002114 and USD 0.00002298. This zone is to be viewed as the maximum price target on the upside. The overarching 50 Fibonacci retracement, i.e. a 50 percent recovery movement of the complete price correction, seems impossible for the time being, for this the Bitcoin price would have to increase again significantly and tend towards USD 40,000 and above.
Bearish price targets: $0.00000870, $0.00000830, $0.00000782/765, $0.00000709, $0.00000640, $0.00000570, $0.00000505
SHIB: Bearish price targets for the coming months
After a short breather at the beginning of the year, the bears have been showing who’s boss in the ring since yesterday. The price setback since yesterday’s daily high is clear at around ten percentage points. If Shiba Inu breaks the support at USD 0.00000870, the bull camp’s breakout attempt would be halted early. A relapse towards the green support zone is therefore very likely. If the SHIB price does not stabilize at the upper edge of this range at USD 0.00000830, the focus will once again be on the low from the end of December. The buyer side must counteract this in order to avert a relapse to USD 0.00000765.
Retest of 2022 low must be planned
If the buyer camp remains abstinent here too and there is no sustained reversal, a retest of the annual low of June 19, 2022 at USD 0.00000708 should be planned. Although there should initially be a rebound to the north, a sell-off towards new lows for the year could only be averted at the last second if the bulls have enough energy to recapture the low at USD 0.00000782. However, if the SHIB price slips below the striking low from the previous year at the end of the day, an extension of the correction up to USD 0.00000640 is increasingly conceivable. This means that a correction to the maximum bearish target range between USD 0.00000570 and USD 0.00000505 would no longer be ruled out. Looking at the indicators, at least a cautiously bullish picture is currently emerging. The RSI indicator is trading in bullish territory on the daily chart with a value of 55 and the MACD is also about to recapture the 0-line and form a buy-signal. However, this will only play out when yesterday’s daily high is recaptured.