Why this Shiba Inu price move creates more problems than it solves
|- Shiba Inu price is hovering between $0.0000095 to $0.0000119, showing no signs of breaking out.
- However, investors should keep an eye out for a quick run-up that sweeps the $0.0000119 and $0.0000130 levels for liquidity.
- A breakdown of the $0.0000095 support level could trigger a 13% crash to $0.0000082.
Shiba Inu price is stuck in limbo as it consolidates above a stable support level. Due to the presence of inefficiency to the downside, any upside movement comes with an inherent risk of a reversal.
Shiba Inu price in a tough spot
Shiba Inu price set a range extending from $0.0000071 to $0.0000119 as it rallied 68% between June 18 and June 21. This impressive rally attempted to continue higher but failed to conclusively breach the previous swing high and created equal highs at $0.0000119.
While many altcoins followed a similar path, SHIB failed to retrace lower and fill the Fair Value Gap (FVG) aka an inefficiency created during the initial run-up, extending from $0.0000082 to $0.0000095. Instead, Shiba Inu price bounced off the $0.0000095 support level and is stuck trading above it.
Therefore investors need to be careful of a run-up that pushes higher as it could reverse to fill this FVG. However, if the Shiba Inu price heads lower and bounces off the $0.0000082 support level first, then any upswing that emerges after would be free from a quick reversal.
In such a case, market participants can expect SHIB to retest the $0.0000119 and $0.0000130 levels.
SHIB/USDT 4-hour chart
While things are looking on the fence for Shiba Inu price, investors should note the altcoin is in the safe zone as long as it holds above the $0.0000082 support level. A four-hour candlestick close below $0.0000071 will invalidate the bullish thesis by creating a lower low.
In such a case, Shiba Inu price could crash 15% and revisit the $0.0000060 foothold.
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