Shiba Inu Price Prediction: SHIB can rally 7% if bulls can overcome critical resistance level

Shiba Inu price has created a foothold, which could trigger a quick rally soon.
A flip of the $0.00000694 hurdle is in progress and could catalyze a 7% run-up to $0.00000748.
A daily candlestick close below the $0.00000684 support level will invalidate the bullish thesis.

Shiba Inu (SHIB) price breached a key resistance level on October 21, which opened the possibility of a further rally. Investors can note that SHIB bulls have the upper hand and are likely to take advantage of that in the coming week.

Shiba Inu price to climb higher

Shiba Inu (SHIB) price faced and overcame a key hurdle at $0.000000694 on October 21 after producing two key lower lows on October 12 and 18. Due to the non-conformity between the Relative Strength Index and the aforementioned swing lows, the rally that began after the October 18 swing low is still in motion.

Going forward, investors can expect Shiba Inu price to retest the $0.00000694 as a support floor and trigger a 7% run-up to tag the $0.000000748 hurdle. This barrier is critical as it has been preventing the price from ascending for the past month.

SHIB/USDT 4-hour chart

On the contrary, if Shiba Inu price produces a daily candlestick close below the $0.00000684 support level, it will create a lower low. A failure to create a higher high after the said breakdown will indicate a trend reversal. These developments will invalidate the bullish thesis described above and potentially kickstart a selling spree.

In such a case, Shiba Inu price could drop 3.6% and retest the October 19 swing low at $0.00000660.

Also read: Shiba Inu price marking fresh 2023 lows could lead to $107 million worth of tokens facing losses

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.