Shiba Inu has made some gains in the last few days breaking through the bearish pennant formation. SHIB has narrowed its consolidation and now the overall trend appears to be bullish due to the formation of consecutive losses.
Shiba Inu tested a breakout above Conversion Line since September 19th and test the baseline. SHIB rejected the resistance level on Thursday.
Shiba Inu’s price grew almost 10% since September 28 where it saw the $0.00000768 price support level which SHIB bulls failed to breach. Currently, bulls are leading to the start of a retracement.
If the crypto market continues to be bullish like yesterday, traders can expect SHIB to break through the barrier and move upwards. If this doesn’t work out then a pullback can take it to the $0.00000684.
This scenario will give the buyers a chance for the correction and to restart the upward swing. Expecting that the bulls will make a comeback, investors can expect SHIB to slice through the $0.00000768 price level and rush towards the $0.00000835 mark.
This move will give SHIB almost 22% ascent but on the other hand, if SHIB fails to hold the $0.00000684 mark then it will retest the $0.00000654 and $0.00000625 price level. The gap will give the buyers another chance of the bull run.
If the support barriers told above fails to stop the pressure then Shiba Inu will likely close below the decisive level of $0.00000625, invaliding the bullish thesis. In that case, SHIB can go lower and restest the range low at $0.00000549.