Shiba Inu price stabilizes as SHIB bulls prepare for 20% take-off
- Shiba Inu price has formed a lower high but is finding its footing just above the $0.00000654 support floor.
- A successful bounce from here could push SHIB by 20% to $0.00000835.
- If the bears breach the range low at $0.00000549, it will invalidate the bullish thesis.
Shiba Inu price saw a massive uptrend on September 16 but was soon undone in the next couple of days as it approached a stable support floor. Investors can expect SHIB to launch here, retesting crucial resistance barriers.
Shiba Inu price breakout on the horizon
Shiba Inu price rose 54% from September 13 to September 17 but failed to sustain the uptrend. This inability of the buyers led to an eventual retracement to the $0.00000654 support level. Now, SHIB is bouncing off this platform, anticipating a retest of the immediate ceiling at $0.00000768. If the buyers manage to slice through this blockade, there is a high chance Shiba Inu could tag $0.00000835. This move would constitute a 20% ascent.
In a bullish scenario, the run-up could extend to the trading range’s midpoint at $0.00000882. SHIB bulls have failed to crack this barrier and have been rejected not once but six times over the past 105 days. Therefore, this ceiling will prove to be a formidable resistance barrier.
SHIB/USDT 1-day chart
On the other hand, if Shiba Inu price fails to muster up the momentum, there is a chance it could head back to retest the $0.00000654 or $0.00000625 support barriers.
A decisive close below $0.00000625 is not unlikely and could lead to a retest of the range low at $0.00000549. However, if Shiba Inu price closes below $0.00000549, it will create a lower low, invalidating the bullish thesis. In that case, SHIB might head to the April 20 swing high at $0.00000420.
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.
