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- Shiba Inu’s price catapulted after bouncing off two crucial support levels, $ 0.00000625 and $ 0.00000654.
- The uptrend reached $ 0.00000870 but could rise 17% before the bulls run out.
- A split of $ 0.00000727 could negate buyers’ favor.
The price of the Shiba Inu has seen a massive expansion after consolidating for about two weeks. Although this rally has been exponential, it has more room to go higher. Investors can expect a short-term consolidation or minor pullback before the SHIB hits its target.
The price of the Shiba Inu crosses the barriers
The price of the Shiba Inu has skyrocketed after consolidating around support levels of $ 0.00000625 and $ 0.00000654 for more than two weeks. The 33% rise marked the 50% Fibonacci retracement level at $ 0.00000870 but failed to close above.
Going forward, investors can expect two things, a decisive 12-hour close above $ 0.00000870 leading to more near-term gains or a slight pullback to $ 0.00000759 followed by a restart of the second ascent.
Either way, market players should understand that the price of Shiba Inu is far from its target. The 62% Fibonacci retracement level at $ 0.00000954 and the 70% Fibonacci retracement level at $ 0.00000101 are two critical hurdles bulls need to overcome.
The candidate most likely to exhaust the recovery is $ 0.00000101, about 18% of current position.
12 Hour SHIB / USDT Chart
On the flip side, a breakdown of the support level of $ 0.00000759 will indicate weakness among buyers and set the stage for further lows.
The next demand barrier at $ 0.00000727 is critical and its collapse will invalidate the bullish thesis. Such a move could even trigger potential selling pressure that could push the price of the Shiba Inu down to $ 0.00000654.
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