SHIB takes BTC’s lead, moves sideways – Investors can look out for these levels

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Shiba Inu [SHIB] traded within a range into the weekend. It followed Bitcoin’s [BTC] lead as king coin consolidated within $25K – $24.42K in the same period.

At the time of writing, BTC was moving towards $25K but must deal with the bearish order block at $24.82K on the three-hour chart. SHIB could follow suit too. 

Read Shiba Inu [SHIB] Price Prediction 2023-24

Source: SHIB/USDT on TradingView

SHIB rallied after the release of the U.S. CPI data but faced price rejection at the $0.00001400 level. It shrunk by about 9% and found steady ground below the 38.2% Fibonacci retracement level on Friday.

But its recovery has been forced into a trading range of $0.00001300 – $0.00001341 into the weekend. 

As such, investors can target the upper and lower end of the range for gains as long as BTC consolidates within the $25K – 24.42K range.

Short-term bulls could aim at $0.00001341 for gains. However, SHIB could surge to $0.00001400 if BTC swings above the $25K level.

How much are 1,10,100 SHIBs worth today?

On the other hand, short-sellers could target the 61.8% and 50% Fib levels for shorting opportunities whenever SHIB faces rejection at $0.00001341 and moves southwards. 

Alternatively, SHIB could drop below the 50% Fib level of $0.00001299 if BTC falls below $24.42K. 

The Relative Strength Index (RSI) on the three-hour chart moved sideways along the mid-level. It shows the market structure was neutral and could move in either direction depending on BTC’s price action. Thus caution is advised.

Source: Santiment

Investors were bearish on the meme coin, as shown by the