Shiba Inu price flashes first sign of reversal, eyes 38% upswing

Shiba Inu price has flipped a vital resistance level at $0.00000653 into support, hinting at a potential upswing.
A decisive close above the swing high from June 10 at $0.00000745 will indicate the start of a new uptrend.
In such a case, SHIB might target the 50% Fibonacci retracement level at $0.00000938.

Shiba Inu price dipped below the short-term governing range on June 11 as the crypto market experienced a minor sell-off. However, bulls have managed to push SHIB above the range high, indicating the resurgence of buyers.

A continuation of this uptrend is likely to push it toward another critical level.

Shiba Inu price contemplates a move higher

Shiba Inu price sliced through the range low at $0.00000653 on June 11 as it dropped 18%. After forming a temporary bottom, SHIB rallied roughly 30% and is hovering above the support level at $0.00000653 at the time of writing.

While this does instill a sense of bullishness among investors, confirmation of the uptrend will arrive after Shiba Inu price slices through the immediate supply barrier at $0.00000718 and creates a swing high above $0.00000763. This move would signal the sidelined investors to step in, adding to the momentum, further propelling the dog-themed cryptocurrency’s market value higher.

The crucial levels where the rally might face hindrance include $0.00000832 and $0.00000885. However, the bulls would likely target the 50% Fibonacci retracement level at $0.00000938.

From the current position, Shiba Inu price is likely to witness a 38% rally.

SHIB/USDT 4-hour chart

On the flipside, if Shiba Inu price produces a decisive 4-hour candlestick close below the range low at $0.00000653, it will signal the weakness of the buyers. Moreover, if SHIB sets up a swing low below $0.00000542, the bullish thesis will be invalidated.

In such a case, Shiba Inu price might tag the support level at $0.00000513.

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.