• Shiba Inu price rallied 13% over the past 24 hours to create a local top at $0.00000739.
  • A minor pullback to create a higher low is likely before the bulls trigger another rally.
  • If SHIB produces a decisive 4-hour candlestick close below $0.00000624, the bullish thesis will face invalidation.

Shiba Inu price failed to rally immediately after the drop on June 22. However, the next two days saw most of its gain. This move set up a temporary swing high and is currently heading lower to potentially create a higher low, indicating the start of an uptrend.

Shiba Inu price eyes a higher high

Shiba Inu price saw a steep downfall that ended on June 22 as it formed a bottom at $0.00000521. The recovery since then has come close to undoing this drawdown but failed as investors began booking profit and set up a local top at $0.00000739.

Since SHIB rallied 42% from the bottom at $0.00000521, a pullback seems likely. Although Shiba Inu price has already collapsed by 8.4%, it might reverse around the support floor at $0.00000625.

From this point, investors can expect the dog-themed cryptocurrency to advance 30% to tag the resistance level at $0.00000811. Following the breach of the said supply barrier, SHIB might retest the 50% Fibonacci retracement level at $0.00000871.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

Regardless of the bullish market structure, if Shiba Inu price produces a decisive close below the support level at $0.00000625, it will dent the upswing narrative and probably delay it.

In certain circumstances, SHIB might retrace to retest the range low at $0.00000521 to produce an equal low, which will not invalidate the optimistic narrative.

However, a breakdown of $0.00000521 will trigger a bearish scenario that might push the meme coin to the immediate demand barrier at $0.00000420.

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

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto bulls on winning streak pushing for more

Bitcoin price jumped this week after a shift in sentiment on Thursday when global equities went back in the green and investors favored riskier assets like cryptocurrencies. 

More Bitcoin News

Binance support for Polkadot parachain auctions could send DOT to new all-time high

At the Sub0 Conference representatives of Parity Technologies, DOT founders Gavin Wood and Robert Habermeier, confirmed that Polkadot is now ready to implement parachains, auctions and crowd loans on its blockchain network. 

More Polkadot News

XRP price awaits for volume to skyrocket to $2

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple bulls take control.

More Ripple News

Shiba Inu whales buy the dip after SHIB loses $600 million in market cap

Shiba Inu concluded a massive rally, and SHIB price plunged on October 14. Proponents were awaiting a Dogecoin flippening, however, SHIB dropped to 14th rank by market capitalization soon after. 

More Shiba Inu News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast