Shiba Inu price has more room to move higher
|- Shiba Inu price has sliced through a crucial resistance level ranging from $0.00000625 to $0.00000654.
- A decisive 12-hour candlestick close above this level will open up the path for an 18% upswing.
- If SHIB breaks below the July 20 swing low at $0.00000555, it will invalidate the bullish thesis.
Shiba Inu price broke out of its consolidation phase as it rallied 12% today. This upthrust of buying pressure has also cleared a crucial ceiling that will be flipped to support after a retest. Therefore, investors need to watch out for a bounce from the said demand zone.
Shiba Inu price signals bullish momentum
Shiba Inu price tried breaching through a supply zone ranging from $0.00000625 to $0.00000654 on July 21 but failed. This development led to a consolidation phase that lasted roughly three days.
However, as of July 26, Shiba Inu price saw a massive inflow of capital, which has pushed it up by 9.5% so far. A decisive 12-hour candlestick close above $0.00000654 will confirm the evolution of the supply zone into demand.
Such a move will confirm the presence of buyers and hint at an ascent toward the subsequent resistance levels at $0.00000727 and $0.00000759.
In a highly bullish case, the buying pressure might even catapult the meme coin toward $0.00000811 or the trading range’s midpoint at $0.00000870. This uptick would constitute a 26% climb from the current position – $0.00000686.
SHIB/USDT 12-hour chart
On the other hand, if the bulls fail to defend the coin from piercing the demand zone ranging from $0.00000625 to $0.00000654, leading to a decisive 12-hour candlestick below the July 20 swing low at $0.00000555, it will invalidate the optimistic narrative.
Such a move might even trigger selling pressure, pushing Shiba Inu price down to the range low at $0.00000518.
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.