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:
“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.
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