Shiba Inu price eyes 25% upswing as SHIB recovers crucial support level
- Shiba Inu price moves above the $0.0000225 barrier in an attempt to move higher.
- This recovery will likely lead to a 25% ascent to $0.0000283 for SHIB holders.
- A four-hour candlestick close below $0.0000202 will invalidate the bullish thesis.
Shiba Inu price has seen a considerable tightening of its range after setting up a swing high on February 7. In the same duration, SHIB also declined below a crucial barrier briefly, but the recovery seems to be coming along well, signaling the chance of an upswing.
Shiba Inu price to kick-start a rally
Shiba Inu price dropped roughly 38% since the February 7 swing high at $0.0000352. During this time, the downswing was also accompanied by a tightening of the range. Despite the downswing, the meme coin has tagged the $0.0000223 support level thrice and briefly pushed below it the last two times.
The recovery above this barrier is likely to result in an uptrend that could propel Shiba Inu price by roughly 25%. This move would allow SHIB to tag the weekly resistance barrier at $0.0000283.
While conservatively, this is where the upside will be capped for the Dogecoin-killer, a highly bullish case could see Shiba Inu price extend to tag the next hurdle at $0.0000327, bringing the total ascent to 45%.
SHIB/USDT 4-hour chart
While things are looking up for Shiba Inu price, a lack of bullish momentum could see this optimistic scenario wither out, leading to a steep correction.
A four-hour candlestick close below $0.0000202 will invalidate the bullish thesis for Shiba Inu price. Such a move would open the path for SHIB to retest the nine-hour demand zone, extending from $0.0000193 to $0.0000158.
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.
