Shiba Inu price consolidates as SHIB bulls prepare for 22% advance
- Shiba Inu price rose 54% between September 13 and September 17 but failed to sustain itself.
- As a result, SHIB retraced 17% and is consolidating in hopes of retesting the $0.00000963 level.
- A breakdown of the $0.00000620 support floor will invalidate the bullish thesis.
Shiba Inu price rallied exponentially on September 16, slicing through plenty of resistance levels. However, the bullish momentum grew exhausted as it retested the August 16 swing high. Now, SHIB is currently consolidating between two crucial barriers, anticipating a volatile move.
Shiba Inu price prepares for another leg-up
Shiba Inu price climbed 54% starting September 13. However, the bulls disappeared as the uptrend extended beyond the August 16 swing high at $0.00000950. Since this point, SHIB retraced 22% as it sliced through the $0.00000768 support floor.
A resurgence of buying pressure seems to have matched the holders booking profits, leading to consolidation between the $0.00000768 and $0.00000835 barriers.
This development is typically followed by a burst in volatility, leading to a breakout of the price in either direction. Considering the big crypto’s bearish move over the weekend, the meme coin will likely rally, causing altcoins to do the same. Therefore, investors can expect Shiba Inu price to break out and trigger a 22% rally to retest the 62% Fibonacci retracement level at $0.00000963. In some cases, the uptrend might extend to the 70.5% Fibonacci retracement level at $0.0000101.
SHIB/USDT 1-day chart
On the other hand, if Shiba Inu price fails to hold above the $0.00000768 support floor, it will indicate that the sellers have taken control. In such a situation, investors can expect SHIB to slide 16% to retest the $0.00000654 and $0.00000625 demand barriers.
A decisive daily close below the $0.00000625 foothold without a quick recovery above $0.00000654 will invalidate the bullish thesis.
Such a move might trigger Shiba Inu price to slide 12% to retest the range low at $0.00000549.
Author
Akash Girimath
FXStreet
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.
