- Shiba Inu price has seen a rough 200% run-up in October.
- If SHIB manages to slice through the trading range’s midpoint at $0.00002030, it can rally another 100%.
- A breakdown of the $0.00001040 support floor could seriously delay the upswing.
Shiba Inu price has been highly giving to its holders as it nearly tripled in value over the past week. While this run-up might be eye-popping, SHIB can embark on another 100% upswing if it can breach a significant barrier.
Shiba Inu price approaches crucial levels
Shiba Inu price rose a whopping 187% since October 1 and is currently trading just below the 50% Fibonacci retracement level at $0.0000203. Moreover, SHIB is also grappling with another resistance level at $0.00001820, which stands between the price and the trading range’s midpoint.
If this bullish momentum continues, producing a decisive close above $0.00002030, Shiba Inu price will enter a bullish phase. In this situation, SHIB bulls only need to push through $0.00002360 to embark on an "up only" rally. The start of such an uptrend will push the Dogecoin killer to $0.0000347 or a 100% upswing from the current position.
Beyond this point, if the buying pressure continues to pour in, Shiba Inu price could attempt to retest the May 11 swing high at $0.00003800.
Although unlikely, this uptrend could overextend and make a run at the all-time high at $0.00005000.
SHIB/USDT 1-day chart
On the other hand, a failure to breach through $0.00001820 or $0.00002030 will indicate an exhaustion of the buyers. In this case, SHIB is likely to retrace to $0.0000141.
A breakdown of this barrier will significantly delay the anticipated upswing and might even cause the dog-themed cryptocurrency to consolidate.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.