Shiba Inu price looks north towards $0.0001 while above 61.8% Fibo level

Shiba Inu is looking to revive the record rally, as the bulls snap the corrective pullback and gear up for a fresh leg higher.

SHIB price is posting modest gains on Saturday, building onto Friday’s upswing, as it enjoys 110% so far this week.

Over the past week, Shiba Inu’s market capitalization has surpassed that of its rival, Dogecoin, having secured the eight positions amongst the most widely traded digital assets. 

Crypto research firm Into the Block reported that a whopping 70.52% of SHIB's circulation is concentrated in the hands of eight whale accounts, of which one whale holds 41%. 

At the press time, SHIB/USDT is trading just below the $0.0000750 level, up 0.60% on the day, wavering within a tight range.

Shiba Inu price needs to clear this key resistance to take on $0.0001

Bargain hunters are taking advantage of the retreat in SHIB price, as they believe that there is more room to rise for the meme-coin.

From a short-term technical perspective, SHIB price has bounced off key support at $0.0000578 after the sharp correction from all-time highs of $0.0000885 reached on Thursday. That level is the 50% Fibonacci Retracement (Fibo) level of the recent upsurge from the October 21 lows of $0.00000270 to the record high.

Over the past two trading sessions, SHIB bulls have managed to defend the 61.8% Fibo level of the same ascent at $0.0000650 on a daily closing basis, underpinning the buyers’ sentiment.

The 14-day Relative Strength Index (RSI) is looking north once again, having eased from extremely overbought conditions, adding credence to a potential advance in SHIB price.

Currently, SHIB price is battling the 78.6% Fibo level at $0.0000752, awaiting acceptance above it to retest the lifetime highs.

A sustained move above the record highs could initiate a fresh upswing towards the $0.00010 level, above which the 127.2% Fibo level at $0.000105 will come into play.

SHIB/USDT: Daily chart

Alternatively, the abovementioned 61.8% Fibo support could continue limiting the corrective declines in SHIB price.

The 50% Fibo level at $0.0000578 will be the level to beat for SHIB bears should the downside pressure mount. However, $0.000050-$0.0000460 will emerge as powerful support, which is the confluence of Wednesday’s low and 38.2% Fibo level.