- Shiba Inu price catapulted after bouncing off two crucial support levels, $0.00000625 and $0.00000654.
- The uptrend has tagged $0.00000870 but might rally another 17% before the bulls exhaust.
- A breakdown of $0.00000727 might negate the favor that the buyers have.
Shiba Inu price has witnessed a massive expansion after consolidating for roughly two weeks. Although this rally was exponential, it has more room to move higher. Investors can expect a short-term consolidation or a minor pullback before SHIB tags its intended target.
Shiba Inu price breaks from barriers
Shiba Inu price shot up after consolidating around the $0.00000625 and $0.00000654 support levels for over two weeks. The 33% climb tagged the 50% Fibonacci retracement level at $0.00000870 but failed to close above it.
Going forward, investors can expect two things, a decisive 12-hour candlestick close above $0.00000870 that leads to more gains in the short term future or a minor pullback to $0.00000759 followed by a restart of the second run-up.
Either way, market participants need to understand that Shiba Inu price is nowhere near its intended target. The 62% Fibonacci retracement level at $0.00000954 and the 70% Fibonacci retracement level at $0.0000101 are two crucial barriers that the bulls have to overcome.
The most likely candidate that exhausts the upswing is $0.0000101, roughly 18% away from the current position.
SHIB/USDT 12-hour chart
On the other hand, a breakdown of the $0.00000759 support level will indicate a weakness among buyers and open the path for further downswings.
The next demand barrier at $0.00000727 is crucial, and its breakdown will invalidate the bullish thesis. Such a move might even trigger a potential selling pressure that might knock down Shiba Inu price to $0.00000654.