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SHIB looks to gain 30% as it bounces off key support level

  • Shiba Inu price experienced a sudden downturn, pushing it toward the $0.00000625 and $0.00000654 demand barriers.
  • Investors can expect this area to serve as a foothold, launching SHIB by 30% to $0.00000882.
  • A breakdown of the range low at $0.00000459 will invalidate the bullish thesis.

Shiba Inu price has been on a descent since setting up a swing high on August 16. The downswing sliced through two crucial barriers but managed to recover quickly, hinting at more gains to come.

Shiba Inu price to catapult higher

Shiba Inu price dropped 31% from the August 16 swing high at $0.00000948 and tagged the $0.00000654 support floor. The uptrend that resulted was ephemeral, leading to another sell-off that pushed through the $0.00000624 foothold.

However, as bulls came to the rescue, SHIB has recovered and is currently trading above these barriers. A continuation of the uptrend will likely push Shiba Inu price to tag the immediate resistance level at $0.00000768, followed by $0.00000835.

A successful flip of these hurdles into platforms will allow SHIB to tag the 50% Fibonacci retracement level at $0.00000882, constituting a 30% ascent from the current position.

SHIB/USDT 1-day chart
SHIB/USDT 1-day chart

Although Shiba Inu price can go beyond the $0.00000882 resistance level, it is unlikely considering the importance of this barrier. While the optimistic scenario seems plausible, it rides on the assumption that the uptrend from $0.00000654 continues to push SHIB higher. 

However, a failure to do so might result in a retracement to the range low at $0.00000549. A decisive daily candlestick close below this area will invalidate the bullish thesis. In this case, investors can expect Shiba Inu price to head toward the April 20 swing high at $0.00000419.

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