Shiba Inu price anticipates 40% advance

Shiba Inu price is currently retesting the $0.00000759 and $0.00000727 support levels.
A convincing bounce from these footholds is likely to propel SHIB by 40% to $0.0000101.
If bears push below the $0.00000625 demand barrier, this will invalidate the bullish thesis.

Shiba Inu price moved out of its long-standing consolidation as it shot up explosively over the past day. While the bulls could not sustain this flight, a minor retracement has pushed SHIB down to support levels where it currently trades.

Shiba Inu price awaits massive gains

Shiba Inu price consolidated between $0.00000625 and $0.00000654 for roughly 16 days, eventually leading to a 45% upswing. As impressive as this run-up was, it failed to follow through, which has pushed SHIB down to the $0.00000759 and $0.00000727 support levels.

Considering the entire market structure of the cryptocurrency market, investors can expect an impulsive move soon. Assuming such a blast-off occurs, Shiba Inu price will shatter the 50% Fibonacci retracement level at $0.00000870 and attempt to retest the high probability reversal zone, extending from $0.00000955 to $0.00001070.

While it is unlikely that Shiba Inu price will tag the upper limit of this range, the 70.5% Fibonacci retracement level at $0.00001010 seems reasonable for a retest. From the $0.00000727 support barrier, this climb would constitute a 40% ascent.

SHIB/USDT 12-hour chart

Regardless of the bullish outlook, things will go south if Shiba Inu price breaks down the $0.00000727 support level. This move will indicate that the bears are in control and might even knock the altcoin down to the demand zone, ranging from $0.00000625 to $0.00000654.

Although this retracement might delay the upswing, it does not cause a problem for the bulls. However, a decisive 12-hour candlestick close below $0.00000620 will invalidate the bullish thesis and trigger a further downside fall.

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