Shiba Inu price stops bleeding as SHIB eyes 25% upswing

Shiba Inu price is currently hovering above the $0.00000654 support level.
A resurgence of buying pressure is likely to push SHIB up by 25% to $0.00000871.
If the bears break below the $0.00000625 support level, it will invalidate the bullish outlook.

Shiba Inu price seems to have cauterized the bleed and shows signs of resuscitating as it bounced off a crucial support level. If the buying pressure continues to increase

Shiba Inu price takes another jab at uptrend

Shiba Inu price has dropped roughly 33% since the August 17 swing high at $0.00000975. This descent sliced through multiple support barriers and finally found support around the $0.00000654 demand barrier.

Although SHIB has kick-started an uptrend, it could retest the $0.00000625 floor in some cases.

If the buying pressure continues to build up, Shiba Inu price will more than likely rally toward the $0.00000811 resistance level.

If the bulls manage to produce a decisive daily candlestick close above $0.00000811, it will open the path to retest the trading range’s mid-point at $0.00000871, roughly 25% upswing from the current position.

In a highly bullish outlook, investors can expect the uptrend to continue until it tags the high probability reversal zone, ranging from $0.0000107 to $0.00000955. Testing the 70.5% Fibonacci retracement level at $0.0000101 supply barrier will be the best-case scenario for Shiba Inu price.

SHIB/USDT 1-day chart

If the resulting upswing fails to slice through the $0.00000727 and $0.00000759 resistance barriers, it will indicate a weakness among buyers or that the sellers are in control. A breakdown of the $0.00000625 support level will set up a lower low and invalidate the bullish thesis.

In such a case, Shiba Inu price might head to the range low at $0.00000519.

Share: Cryptos feed

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.

Join Telegram