Shiba Inu price kick-starts its 55% upswing, more gains on the horizon

Shiba Inu price has witnessed a massive expansion after consolidating for roughly two weeks. Although this rally was exponential, it has more room to move higher. Investors can expect a short-term consolidation or a minor pullback before SHIB tags its intended target.

Shiba Inu price breaks from barriers

Shiba Inu price shot up after consolidating around the $0.00000625 and $0.00000654 support levels for over two weeks. The 33% climb tagged the 50% Fibonacci retracement level at $0.00000870 but failed to close above it.

Going forward, investors can expect two things, a decisive 12-hour candlestick close above $0.00000870 that leads to more gains in the short term future or a minor pullback to $0.00000759 followed by a restart of the second run-up.

Either way, market participants need to understand that Shiba Inu price is nowhere near its intended target. The 62% Fibonacci retracement level at $0.00000954 and the 70% Fibonacci retracement level at $0.0000101 are two crucial barriers that the bulls have to overcome.

The most likely candidate that exhausts the upswing is $0.0000101, roughly 18% away from the current position.

SHIB/USDT 12-hour chart

On the other hand, a breakdown of the $0.00000759 support level will indicate a weakness among buyers and open the path for further downswings.

The next demand barrier at $0.00000727 is crucial, and its breakdown will invalidate the bullish thesis. Such a move might even trigger a potential selling pressure that might knock down Shiba Inu price to $0.00000654.