Fibonacci Reveals Shiba Inu’s SHIB Next Key Levels, But This Support Must Hold First

Crypto analyst and Head of Content at CaptainAltcoin, Petar (@on_chain_pj), recently posted some technical analysis on popular memecoin Shiba Inu (SHIB). He highlighted a key Fibonacci-based price level SHIB may reach if a crucial support level continues holding.

SHIB Sets Sights on $0.00001243
In his first tweet, Petar noted that “SHIB continues its uptrend, eyeing a key level at $0.00001243i, aligning with the 2.618 Fib extension.” This target level comes from the Fibonacci extension tool, which traders use to identify potential future price points based on recent swings and retracements.

As Petar explained, “A break above could set sights on $0.000014 (4.236 Fib extension), marking a potential rise of approximately 42.86% from the current price levels.” So if SHIB can decisively flip $0.00001243 into support, its next test would be the 4.236 Fib level around $0.000014. Such a move would represent a sizable 43% rally from SHIB’s price when Petar shared his analysis.

Crucial Support Must Hold
However, Petar cautioned that SHIB bulls aren’t out of the woods yet. In a follow-up tweet, he noted an important support level that must continue holding:

New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW

Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!

Sponsored

Show more +

“SHIB’s uptrend hinges on defending the crucial $0.000008 support level, coinciding with its 200-day moving average, a key factor for its potential surge towards higher Fibonacci extension targets.”

This key support aligns with SHIB’s 200-day moving average, which is an important long-term indicator of the overall market trend. If SHIB were to dip back below $0.000008 and lose the 200-day MA, it would signal a macro trend shift that could invalidate the current Fib-based price targets.

So while the Fib extensions offer an optimistic view, Petar stressed this depends on $0.000008 continuing to act as a floor for SHIB in the days and weeks ahead.

The Bottom Line for SHIB Holders
Shiba Inu has come a long way from its origins as a memecoin modeled after the original dog-themed crypto, Dogecoin. According to Petar’s analysis, SHIB looks poised to tack on more gains on its already impressive run over the past year. However, holding the $0.000008 support level remains key for SHIB to maintain its bullish momentum.

If $0.000008 fails to hold up on any corrections, it could spell trouble for the SHIB uptrend. In that scenario, reaching the 2.618 Fib extension around $0.00001243 would become a much taller task. But as long as $0.000008 continues acting as a reliable floor, Petar believes SHIB has enough technical strength for a shot at $0.000014 in the not-too-distant future.

You may also be interested in:

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo