- Shiba Inu price hovers above the $0.0000118 support level mindlessly with no directional bias.
- A higher high above $0.0000134 could indicate the start of a recovery rally to $0.0000148 and higher levels.
- However, a breakdown of the $0.0000118 barrier could trigger a 21% crash to $0.0000093.
Shiba Inu price shows a strong adherence to the immediate support level despite the recent crash. However, investors need to be careful as the current position of SHIB could push it either way.
Shiba Inu price shows no signs of volatility
Shiba Inu price is currently grappling with the $0.0000118 support level and has been doing so for roughly more than a month. As SHIB trades without a directional bias, holders eagerly await its next volatile move.
Since Bitcoin price reveals a bullish outlook, investors can rest assure that the short-term outlook is safe, but not for long. As the week comes to an end, there is bound to be volatility, which could push SHIB higher or break the immediate support level.
A higher high above $0.0000134 will indicate a shift in market structure and forecast a move to $0.0000148. In a highly bullish case, SHIB could extend this run-up to the equal highs at $0.0000179.
This move would constitute a 45% gain for Shiba Inu price and is likely where the upside is capped for the dog-themed crypto.
SHIB/USDT 4-hour chart
While things are looking extremely confusing for Shiba Inu price, a breakdown of the immediate support level at $0.0000118 will denote a surge in sellers. In such a case, investors can expect Shiba Inu price to crash 21% and retest the $0.0000093.
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