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Shiba Inu price at now-or-never moment as bulls walk on thin ice

  • Shiba Inu price is hovering above two critical support levels – $0.00000654 and $0.00000625.
  • A breakdown of these levels might push the altcoin to retest the range low at $0.00000518.
  • However, if SHIB slices through the immediate resistance level at $0.00000811, it will invalidate the bearish thesis.

Shiba Inu price has been on a downswing since July 6 after a failed attempt to slice through the high probability reversal zone. This descent is now trading above two pivotal support barriers, a breakdown of which could lead to a steep correction.

Shiba Inu price awaits a trigger

Shiba Inu price has shed 33% since July 6 after failing to pass through the high probability reversal zone extending from $0.00000954 to $0.00001070. A decisive close above $0.00001070 would have increased the chances of an upswing. 

However, due to the lack of buying pressure, SHIB has dropped to retest the $0.00000654 and $0.00000625 demand barriers.

If this bearish trend continues, the said levels will likely shatter, opening the path for a further downtrend. The support level at $0.00000516, coinciding with the range low, will be the bulls’ first target.

If the sellers produce a decisive 6-hour candlestick close below this barrier, an 18% sell-off might ensue. In total, this move would constitute a 36% crash.

SHIB/USDT 6-hour chart

SHIB/USDT 6-hour chart

On the flip side, if the buyers come to the rescue and Shiba Inu price recovers from either $0.00000654 or $0.00000625, the upswing narrative will have a better chance than before. 

To invalidate the bearish scenario, bulls need to rally 23% and flip the immediate swing high at $0.00000811 into a support level.

Such a move could attract sidelined investors to jump on the bandwagon, leading to a retest of the range’s midpoint at $0.00000870.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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