SHIB (Shiba Inu) Respects Fib Levels, Should You Buy the Dip?

Briefly –

  • SHIB broke a crucial trend-line during today’s early Asian trading sessions.
  • Popular digital coins such as ETH and BTC remain in the negative zone on Monday.
  • SHIB re-dipping to $0.000008 would result in a buying opportunity.

Similar to most coins, Shiba Inu had its price surging over the last weekend. However, it seems like profit-takers are already in the market as of this morning.

SHIB Bulls Preparing to Purchase the Dip

Most coins in the top-100 traded in the green zone over the weekend. High capitalization assets led the upticks, Bitcoin surging by around 5%. However, the Monday morning Asian session saw increased profit-taking activities. As a result, market sentiments reversed, dipping most altcoins, including Shiba Inu.

The increased profit-taking that SHIB saw this morning shaded most of its yesterday gains, dropping from $0.00000895.  Although the meme coin bounced from the rising trend-line to $0.00000878 during the weekend, it brokers this support zone, its value dipping to the Saturday morning session at $0.00000837.

At the moment, Shiba Inu managed to trade over the level. However, no one knows how long that would last. As top assets fail to pair their losses, it seems like there’s a temporary breakout building up.

Moreover, the overall market did not indicate positivity today morning. As the United Stated market remain closed due to the holiday, US equity features remained in the red zone today morning. The asset can hardly launch recoveries with the low market volume in place.

As such, SHIB might experience another fall as buyers’ action remains low. Remember, the $0.00000837 level matches the Fib level at 61.8%. Testing the 78.6% zone is vital since the buyers joined at this level on Friday late sessions.

On the other side, a 23.6% Fib at $0.00000873 retest would affirm an uptrend.

However, SHIB might experience losses as nothing seems changed as far as the risk attitude is concerned.

Any increased dropping trend or selling today might see Shiba Inu retracing towards the $0.0000080 before buyers storm the market.

Ensure that you can tolerate the risks before buying SHIB for now.

Author: Michael Ellis

Michael is an avid cryptocurrency enthusiast and writer. He is the main writer for Cryptocoin Stock Exchange.

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