Shiba Inu price hit its highest level in three weeks on Tuesday before pulling back. Granted, it has since parred some of the previous session’s losses as the bulls defend the critical zone of $0.00001200.
Fundamentals
As has been the case in recent months, Shiba Inu price and the broader crypto industry has been under pressure from the risk-off sentiment. The crypto fear & greed index is on the fear end of the spectrum with a reading of 31. Indeed, this is a higher level of fear compared to Tuesday’s 42.
Notably, the crypto and stock markets; which are both risk-on classes on assets, have both pulled back on Wednesday after edging higher in the previous session. Indeed, this correlation has been observable for months now.
For instance, the tech-heavy Nasdaq 100 index was at $13,008.17 as at the time of writing after dropping from the three-month high hit at the beginning of the week at $13, 400.12. At the same time, Bitcoin price is hovering around the psychological level of $23,000 after momentarily rising above $24,000 earlier in the week.
Even with the risk-on sentiment, Shiba Inu price continues to find support by being one of the preferred tokens by Ethereum whales. As stated on WhaleStats, it is one of the top 10 purchased tokens by the 2,000 largest ETH whales over the past 24 hours.
Shiba Inu price prediction
As seen on a four-hour chart, Shiba Inu price is back below the 25 and 50-day exponential moving averages after pulling back from the three-week high hit on Tuesday at 0.00001285. As at the time of writing, the altcoin was trading at 0.00001197; down by 0.5%.
In the immediate term, I expect SHIB/USD to continue finding resistance along the 25-day EMA at 0.00001212. If the bulls manage to break the aforementioned level, it may hit 0.00001229 before pulling back.
On the lower side, 0.00001184 is a support level worth watching as the bulls strive to defend the critical zone of 0.00001200. A move below this zone will invalidate this cautiously bullish thesis.
