Dogecoin killer Shiba Inu price can rally another 100% if it overcomes this barrier

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.