• Shiba Inu price has sliced through a crucial resistance level ranging from $0.00000625 to $0.00000654.
  • A decisive 12-hour candlestick close above this level will open up the path for an 18% upswing.
  • If SHIB breaks below the July 20 swing low at $0.00000555, it will invalidate the bullish thesis.

Shiba Inu price broke out of its consolidation phase as it rallied 12% today. This upthrust of buying pressure has also cleared a crucial ceiling that will be flipped to support after a retest. Therefore, investors need to watch out for a bounce from the said demand zone.

Shiba Inu price signals bullish momentum

Shiba Inu price tried breaching through a supply zone ranging from $0.00000625 to $0.00000654 on July 21 but failed. This development led to a consolidation phase that lasted roughly three days.

However, as of July 26, Shiba Inu price saw a massive inflow of capital, which has pushed it up by 9.5% so far. A decisive 12-hour candlestick close above $0.00000654 will confirm the evolution of the supply zone into demand.

Such a move will confirm the presence of buyers and hint at an ascent toward the subsequent resistance levels at $0.00000727 and $0.00000759.

In a highly bullish case, the buying pressure might even catapult the meme coin toward $0.00000811 or the trading range’s midpoint at $0.00000870. This uptick would constitute a 26% climb from the current position – $0.00000686.

SHIB/USDT 12-hour chart

SHIB/USDT 12-hour chart

On the other hand, if the bulls fail to defend the coin from piercing the demand zone ranging from  $0.00000625 to $0.00000654, leading to a decisive 12-hour candlestick below the July 20 swing low at $0.00000555, it will invalidate the optimistic narrative.

Such a move might even trigger selling pressure, pushing Shiba Inu price down to the range low at $0.00000518.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Solana price to drop another 50% as SOL looks for support

Solana price falls below the daily Ichimoku Cloud with the Chikou Span below the candlesticks and in open space – prime positioning for a start to a bear market. However, the true extent of how bearish Solana's future price behavior could be is represented best on a Point and Figure chart.

More Solana news

SafeMoon presents massive buying opportunity before 80% breakout

SafeMoon price, one of the most outstanding performers of 2021, is now one of the biggest pump and dump examples of 2021. After rising nearly 600% between September 29th and October 29th, SafeMoon crashed more than 88% to create a new all-time low on December 4th.

More SafeMoon news

Axie Infinity price correction to accelerate towards $80

Axie Infinity price has certainly not been immune to the massive selling pressure during and after last Saturday's flash crash. While some sub-sectors of the crypto market may recover, Axie Infinity and other metaverse cryptos have further to fall.

More Axie Infinity news

CME opens Ethereum to a wider investors audience with new Micro Ether futures

CME Group had announced the launch of its Micro Ether futures in November to meet the rising institutional demand for Ethereum. The firm has now expanded its derivatives offerings with the second micro crypto product in 2021. 

More Ethereum news

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP