Shiba Inu price plateaus after sell-off, contemplates 40% upswing
- 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
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.
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.
