- Shiba Inu price is currently retesting the $0.00000759 and $0.00000727 support levels.
- A convincing bounce from these footholds is likely to propel SHIB by 40% to $0.0000101.
- If bears push below the $0.00000625 demand barrier, this will invalidate the bullish thesis.
Shiba Inu price moved out of its long-standing consolidation as it shot up explosively over the past day. While the bulls could not sustain this flight, a minor retracement has pushed SHIB down to support levels where it currently trades.
Shiba Inu price awaits massive gains
Shiba Inu price consolidated between $0.00000625 and $0.00000654 for roughly 16 days, eventually leading to a 45% upswing. As impressive as this run-up was, it failed to follow through, which has pushed SHIB down to the $0.00000759 and $0.00000727 support levels.
Considering the entire market structure of the cryptocurrency market, investors can expect an impulsive move soon. Assuming such a blast-off occurs, Shiba Inu price will shatter the 50% Fibonacci retracement level at $0.00000870 and attempt to retest the high probability reversal zone, extending from $0.00000955 to $0.00001070.
While it is unlikely that Shiba Inu price will tag the upper limit of this range, the 70.5% Fibonacci retracement level at $0.00001010 seems reasonable for a retest. From the $0.00000727 support barrier, this climb would constitute a 40% ascent.
SHIB/USDT 12-hour chart
Regardless of the bullish outlook, things will go south if Shiba Inu price breaks down the $0.00000727 support level. This move will indicate that the bears are in control and might even knock the altcoin down to the demand zone, ranging from $0.00000625 to $0.00000654.
Although this retracement might delay the upswing, it does not cause a problem for the bulls. However, a decisive 12-hour candlestick close below $0.00000620 will invalidate the bullish thesis and trigger a further downside fall.
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