Shiba Inu price flashes first sign of reversal, eyes 38% upswing
- Shiba Inu price has flipped a vital resistance level at $0.00000653 into support, hinting at a potential upswing.
- A decisive close above the swing high from June 10 at $0.00000745 will indicate the start of a new uptrend.
- In such a case, SHIB might target the 50% Fibonacci retracement level at $0.00000938.
Shiba Inu price dipped below the short-term governing range on June 11 as the crypto market experienced a minor sell-off. However, bulls have managed to push SHIB above the range high, indicating the resurgence of buyers.
A continuation of this uptrend is likely to push it toward another critical level.
Shiba Inu price contemplates a move higher
Shiba Inu price sliced through the range low at $0.00000653 on June 11 as it dropped 18%. After forming a temporary bottom, SHIB rallied roughly 30% and is hovering above the support level at $0.00000653 at the time of writing.
While this does instill a sense of bullishness among investors, confirmation of the uptrend will arrive after Shiba Inu price slices through the immediate supply barrier at $0.00000718 and creates a swing high above $0.00000763. This move would signal the sidelined investors to step in, adding to the momentum, further propelling the dog-themed cryptocurrency’s market value higher.
The crucial levels where the rally might face hindrance include $0.00000832 and $0.00000885. However, the bulls would likely target the 50% Fibonacci retracement level at $0.00000938.
From the current position, Shiba Inu price is likely to witness a 38% rally.
SHIB/USDT 4-hour chart
On the flipside, if Shiba Inu price produces a decisive 4-hour candlestick close below the range low at $0.00000653, it will signal the weakness of the buyers. Moreover, if SHIB sets up a swing low below $0.00000542, the bullish thesis will be invalidated.
In such a case, Shiba Inu price might tag the support level at $0.00000513.
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.
