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SHIB Price Analysis for October 26

Price Predictions
Tue, 10/26/2021 - 15:34
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Denys Serhiichuk
Is there any correction expected for SHIB?
SHIB Price Analysis for October 26
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The majority of the coins remain in the green zone except for Bitcoin (BTC), whose rate has declined by 0.17% over the past 24 hours.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

SHIB/USD

SHIB keeps setting new peaks, rocketing by 17.38% since yesterday.

SHIB/USD chart by TradingView
SHIB/USD chart by TradingView

On the hourly chart, SHIB made a false breakout of the 4,800 satoshi mark supported by the increasing trading volume.

Related
BTC, ETH and XRP Price Analysis for October 24

In terms of the nearest price action, the decline may continue to the liquidity zone at 4,000 satoshis, where bulls may again seize the initiative.

SHIB/USD chart by TradingView
SHIB/USD chart by TradingView

On the 4H chart, the drop may continue as buyers have no power to keep the rise going. In this case, the correction may last until SHIB makes a retest of the support at 3,528 satoshis. Such a scenario is valid until the end of the current week.

SHIB/USD chart by TradingView
SHIB/USD chart by TradingView

SHIB has been rising for the last five days, which confirms the current bullish trend. However, SHIB is overbought to a certain extent, which means that bulls can face a short-term correction to get more energy for continued growth.

Related
Bitcoin (BTC) Price Analysis for October 23

The fall may bring SHIB to the nearest support at 3,200 satoshis shortly.

SHIB is trading at 4,625 satoshis at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.