Shiba Inu accumulation at this level could yield maximum returns

Shiba Inu price has rallied 21% since breaching a declining trend line on March 19.
Another shift in market structure hints at a 30% return for SHIB.
A daily candlestick close below $0.0000205 will invalidate the bullish thesis.

Shiba Inu price is arriving at a critical junction on its journey north. Flipping this hurdle into a support floor will be key to triggering further upside for SHIB.

Shiba Inu price at crossroads

Shiba Inu price has rallied roughly 21% since breaking out of the downtrend on March 19. This reversal triggered bulls to propel SHIB past the $0.0000231 resistance barrier and retest the next hurdle that extends from $0.0000252 to $0.0000269.

This resistance area has been significant since January 10 when it has been absorbing the selling and buying pressure. Therefore, the recent retest puts Shiba Inu price at crossroads; a successful flip of this hurdle into a foothold will indicate that bulls are in control, and a failure will likely lead to a retracement to $0.0000231.

Either way, interested investors can accumulate SHIB at $0.0000231 and add to their position if SHIB can hold above $0.0000269. Such a development will open the path for bulls to make their way toward the next crucial barrier at $0.0000352.

In total, this run-up would constitute a 33% ascent from the current position and 52% from $0.0000231. Investors that entered long positions can book profits at this level.

SHIB/USDT 1-day chart

Regardless of the recent upswing, Shiba Inu price, like all altcoins, depends on the directional bias of Bitcoin. If BTC flash crashes, it will jeopardize the bullish outlook for SHIB.

A daily candlestick close below $0.0000205 will invalidate the bullish thesis for Shiba Inu price by producing a lower low. This development could also trigger a 17% crash to $0.0000170.

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.