Shiba Inu price contemplates 32% advance amid multiple overhead barriers

Shiba Inu price set up a bottom at $0.00000520 on June 22 and rallied 25%.
The immediate resistance level at $0.00000653 and $0.00000812 might hinder the upswing.
A breakdown of $0.00000520 will invalidate the bullish outlook.

Shiba Inu price appears to have not taken a big hit compared to BTC and other altcoins in terms of drawdown. SHIBA formed a bottom just below the swing low on June 12. Despite the presence of resistance levels, the dog-themed crypto looks to advance.

Shiba Inu price eyes a higher high

Shiba Inu price dropped roughly 50% from peak to trough between June 15 and June 22. The Coinbase listing and the crypto market meltdown have caused SHIB to set up a temporary range.

Although Shiba Inu price rallied roughly 25% from the bottom at $0.00000520, it looks primed for more upswing. A decisive 4-hour candlestick close above $0.00000653 will confirm the start of an uptrend and propel SHIB by 32% to the 50% Fibonacci retracement level at $0.00000871.

However, the supply barrier at $0.00000812 needs to be shattered for Shiba Inu to reach its intended target.

The reason behind this advance is the SHIB price returning to the mean after a massive drawdown. Therefore, the immediate resistance level at $0.00000520 needs to be flipped into support to have any chances of an upswing.

SHIB/USDT 4-hour chart

On the flip side, if Shiba Inu price fails to slice through $0.00000520, it will signal weak buying pressure. In such a case, SHIBA might retest and even sweep the recent swing low at $0.00000519.

However, if Shiba Inu price produces a decisive close below it, the bullish thesis will face invalidation. In this were to happen, the dog-themed cryptocurrency might slide 19% to $0.00000420.

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