- Shiba Inu price dropped abruptly to the $0.00000811 support level as the cryptocurrency markets took a hit.
- Although SHIB could crash another 14%, the potential retest of the $0.00001120 resistance barrier remains intact.
- A decisive 4-hour candlestick close below $0.00000700 will invalidate the bullish thesis.
Shiba Inu price was on a steady uptrend, retesting crucial supply barriers. However, due to a sudden pullback in Bitcoin price, altcoins have also experienced a minor headwind.
Despite this blockade, the bullish scenario for SHIB remains in place.
Shiba Inu price stays strong
Shiba Inu price pushed past the 50% Fibonacci retracement level on July 6 to tag the subsequent barrier at $0.00000954. However, as the cryptocurrency markets took a plunge, so did SHIB. This down move breached through $0.00000954 and is currently testing $0.00000811.
While Shiba Inu price could take off from its current position, investors should not neglect an extension of this pullback to $0.00000739 or $0.00000700.
A bounce from either of the levels will need to slice through the range’s midpoint at $0.00000870.
If this were to happen, it would confirm a new uptrend and might propel SHIB to $0.00000954, $0.00001010 or even $$0.00001070. These barriers are highly resilient and have reversed the uptrend five times over the past 43 days.
Therefore, a decisive 4-hour candlestick close above $0.00001070 might propel the meme coin to tag the $0.00000112 resistance barrier or the range high at $0.00001220.
SHIB/USDT 4-hour chart
On the other hand, the downswing that pushes Shiba Inu price to shatter $0.00000700 will put the optimistic scenario on hold. If the bulls make a comeback, the uptrend will likely resume.
However, a failure to reclaim $0.00000700 will indicate weak buying pressure and invalidate the bullish thesis.
In such a case, SHIB might move 10% to tag the support level at $0.00000624.
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.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?