SHIB Price Prediction: Shiba Inu may rally 20% despite indecisiveness

SHIB price remains indifferent as it is stuck under a supply zone ranging from $0.0000117 to $0.0000168.
Shiba Inu could rally 23% to retest the lower boundary of the resistance barrier at $0.0000117.
A decisive 4-hour candlestick close below $0.00000654 will signal a massive shift in trend to the downside.

SHIB price does not show a clear directional bias as it trades in a narrow range. However, a minor upswing to retest the critical area for the third time seems likely.

SHIB price eyes equal highs

SHIB price is currently stuck in a tight range without a clear trend. It is moving back and forth between the supply zone’s lower range at $0.0000117 and swing low of May 19 at $0.00000654.

At the time of writing, the meme coin is currently grappling with the resistance barrier at $0.00000949. A decisive 4-hour candlestick close above this might propel SHIB price by 23% to $0.0000117.

If the buying pressure continues to mount, there is a high chance that Shiba Inu will rise an additional 22% to retest $0.0000144.

Investors should note that any uptick in SHIB price or an attempt to head higher will be an arduous task due to the presence of a massive supply zone that extends from $0.0000117 to $0.0000168. This means Shiba Inu is likely to experience more consolidation in the near future.

SHIB/USDT 4-hour chart

While the upswing narrative seems logical, it is dependent on a successful breach of the resistance level at $0.00000949. A failure to flip this barrier will invalidate the bullish thesis detailed above and question the bulls’ authority, leading to a 30% decline to retest the May 19 swing low at $0.00000654.

Share: Cryptos feed

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.

Join Telegram