|

Shiba Inu price slips up but stays above key levels, 40% upswing still on horizon

  • 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

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.

Author

Akash Girimath

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.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).

Sberbank issues Russia's first corporate loan backed by Bitcoin

Russia's largest bank Sberbank launched the country's first Bitcoin-backed corporate loan to miner Intelion Data. The pilot deal uses cryptocurrency as collateral through Sberbank's proprietary Rutoken custody solution.

Bitcoin recovers to $87,000 as retail optimism offsets steady ETF outflows

Bitcoin (BTC) trades above $88,000 at press time on Tuesday, following a rejection at $90,000 the previous day. Institutional support remains mixed amid steady outflow from US spot BTC Exchange Traded Funds (ETFs) and Strategy Inc.’s acquisition of 1,229 BTC last week.

Traders split over whether lighter’s LIT clears $3 billion FDV after launch

Lighter’s LIT token has not yet begun open trading, but the market has already drawn a sharp line around its valuation after Tuesday's airdrop.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.