- Shiba Inu price shows a bullish reaction as it bounces off a demand zone that extends from $0.0000117 to $0.0000168.
- SHIB has surged 33% so far and looks to continue this uptrend to a supply barrier’s lower boundary at $0.0000286.
- A breakdown of $0.0000117 will result in invalidation of the upswing narrative and kick-start a new downtrend.
SHIB Price eyes a comeback
SHIB price has dropped nearly 45% in the past 24 hours and roughly 52% since May 11. However, the meme token seems to have seen a bullish reaction from the demand zone that stretches from $0.0000117 to $0.0000168, pushing SHIB price up by 33%.
Although unlikely, Shiba Inu price could retest this area of support before it seals its upswing narrative and rallies toward the lower boundary of the supply zone extending from $0.0000286 to $0.0000318.
Investors can expect SHIB price to rally 30% from its current position, but a retest to the floor mentioned above could result in a 60% rise.
SHIB/USDT 4-hour chart
While SHIB price seems likely to head higher, investors should note that a sudden crash in the market could affect this bullish thesis. Regardless, if Shiba Inu price fails to surge higher due to underwhelming buying pressure or a potential spike in bearish momentum, market participants can expect the meme-themed cryptocurrency to slide 22% to $0.0000162.
However, a breakdown of the demand zone’s lower trend line at $0.0000117 would invalidate the bullish outlook and kick-start a new downtrend. Under these circumstances, SHIB price could crash 70% to tag the next meaningful support level at $0.00000360.
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.