- Shiba Inu price is currently hovering above the $0.00000654 support level.
- A resurgence of buying pressure is likely to push SHIB up by 25% to $0.00000871.
- If the bears break below the $0.00000625 support level, it will invalidate the bullish outlook.
Shiba Inu price seems to have cauterized the bleed and shows signs of resuscitating as it bounced off a crucial support level. If the buying pressure continues to increaseÂ
Shiba Inu price takes another jab at uptrend
Shiba Inu price has dropped roughly 33% since the August 17 swing high at $0.00000975. This descent sliced through multiple support barriers and finally found support around the $0.00000654 demand barrier.
Although SHIB has kick-started an uptrend, it could retest the $0.00000625 floor in some cases.
If the buying pressure continues to build up, Shiba Inu price will more than likely rally toward the $0.00000811 resistance level.
If the bulls manage to produce a decisive daily candlestick close above $0.00000811, it will open the path to retest the trading range’s mid-point at $0.00000871, roughly 25% upswing from the current position.
In a highly bullish outlook, investors can expect the uptrend to continue until it tags the high probability reversal zone, ranging from $0.0000107 to $0.00000955. Testing the 70.5% Fibonacci retracement level at $0.0000101 supply barrier will be the best-case scenario for Shiba Inu price.
SHIB/USDT 1-day chart
If the resulting upswing fails to slice through the $0.00000727 and $0.00000759 resistance barriers, it will indicate a weakness among buyers or that the sellers are in control. A breakdown of the $0.00000625 support level will set up a lower low and invalidate the bullish thesis.
In such a case, Shiba Inu price might head to the range low at $0.00000519.
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