Shiba INU (SHIB) price is stuck in a tight range as neither buyers nor sellers have made any big moves. As equity markets move towards gains, it can be expected to spill over into cryptocurrencies and act as a bullish catalyst for SHIB. Here are the details.
The Shiba Inu price has been trading sideways since last week as investors remain uncertain about future plans. There is a lot of event risk on the horizon, with a lot of interest rate decisions coming from the leading central banks this week and some uncertainty over the Covid variables.
Besides, on Monday, European stocks started the week in green and US indices turned green in the early trading hours. This sentiment could be the catalyst that crypto traders expect to ignite the delayed rally. It Your volatility will increase when the catalyst ignites a bullish burst.
On the SHIB, a new move of the bulls can be seen as they struggle to break through the red descending upper line from December 1st. If as expected – and buying volume sees a significant increase – the next rally from the $0.00004490 high to 61.8% Fibonacci level can be expected quickly.
Once around this level, it will become increasingly difficult for investors to raise the SHIB price as liquidity begins to wane at the end of the year. If most central banks maintain their current monetary policy, a further attack from $0.00005690 to the 50% Fibonacci level can be expected. On the other hand, if the central banks raise interest rates, investors can be expected to spoil their positions, triggering a sell-off to the monthly S2 support level at $0.00001260.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.