• Shiba Inu price is hovering around a support barrier at $0.00000811
  • Although unlikely, SHIB might slide 9% to tag $0.00000739 before rallying higher.
  • A breakdown of the demand level at $$0.00000625 will invalidate the bullish thesis.

Shiba Inu price is currently contemplating heading lower as it trades around a crucial support level. Although an upswing could kick-start, investors should not ignore the possibility of a downside move.

Shiba Inu price at crossroads

Shiba Inu price retraced 19% from its June 29 swing high at $0.00000997 to the demand barrier at $0.00000811. Despite ranging around this level for a while, SHIB might bounce and head higher or slice it to head lower.

The unclear bias can be connected to Bitcoin price, which is also ranging at the moment. Assuming a bull rally begins at $0.00000811, SHIB could slice through the intermediate levels and climb 40% to tag the ceiling at $0.0000112.

If the bullish momentum is not enough, the ascent could be cut short at 79% or 70.5% Fibonacci retracement levels at $0.0000107, $0.0000101, respectively.

However, if $0.00000811 shatters, the support barrier at $$0.00000739 will likely stop the bleeding and restart the upswing to the target mentioned above.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

On the other hand, if the selling pressure continues to build up, Shiba Inu price will likely slice through the support level at $0.00000739 and tag $0.00000699.

In a high bearish case, if SHIB price disregards these footholds and produces a decisive 4-hour candlestick below $$0.00000625, it will invalidate the bullish thesis. Under these circumstances, investors can expect the Shiba Inu price to crash 17% 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 Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Dogecoin Price Prediction: How to trade DOGE as crypto markets coil up after recent crash?

Dogecoin Price Prediction: How to trade DOGE as crypto markets coil up after recent crash?

Dogecoin price shows signs of consolidation as it produces a potential top formation. While the direction of DOGE is decided, there might be a minor detour before reaching its target.

More Dogecoin News

Solana price action will get boring unless one of these levels is broken

Solana price action will get boring unless one of these levels is broken

Solana price shows a slow takeover of the bears after bulls managed to move the asset higher. Due to Bitcoin’s sudden sell-off, altcoins, including SOL, have taken a major hit.

More Solana News

Crypto Sleeping Giants: Hedera Hashgraph price could shock the world

Crypto Sleeping Giants: Hedera Hashgraph price could shock the world

Hedera Hashgraph has the potential to rally towards 2000%. Traders should keep the smart contract alternative token on their watchlists and consider a dollar cost average approach for investing.

More Cryptocurrencies News

Is a 75% decline still possible for the Ethereum Classic price?

Is a 75% decline still possible for the Ethereum Classic price?

Ethereum Classic price rallied 100% between July 12 and July 24 before a short consolidation unfolded. After a few shallow days of sideways congestion, the Ethereum Classic price kicked off another 90% rally.

More Ethereum Classic News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP