Shiba Inu price consolidates to continue its 38% advance

  • Shiba Inu price is bouncing off a crucial support level at $0.00000811.
  • A decisive close above the 50% Fibonacci retracement level at $0.00000870 will confirm the start of an upswing.
  • If SHIB slices through the demand zone at $0.00000700, it will end the bullish thesis.

Shiba Inu price bounced off a support level thrice over the past five days. This consolidation is likely to lead to a massive uptrend that slices through immediate barriers in an attempt to tag the range high.

Shiba Inu price prepares to launch

Shiba Inu price sliced through the 50% Fibonacci retracement level at $0.00000811 on June 29 and pierced the subsequent resistance ceilings. However, a failure to sustain above it pushed the meme coin back to the support level at $0.00000811, which has been tested thrice over the past five days.

A potential spike in buying pressure that shatters the midpoint of the range will confirm the start of an uptrend.

In such a case, SHIB will face ceilings at $0.00000954, $0.00001010 and $0.00001070, representing the 62%, 70.5% and 79% Fibonacci retracement levels, respectively. These barriers are high probability reversal zones, so the bulls need to slice through this area and tag the resistance barrier at $$0.00001120, roughly a 38% advance from $0.00000811.

In a highly bullish case, Shiba Inu price might even tag the local high at $0.00001220, signaling an attempt to move out of the current range or set up a new one.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

On the other hand, if Shiba Inu fails to breach through the 50% Fibonacci retracement level at $0.00000870, it will signal weakness among buyers.

Such a development will push SHIB down to the support barrier at $0.00000811, and if the selling pressure continues to increase, the foothold at $0.00000739 might be tagged.

A breakdown of the demand floor at $0.00000700 will invalidate the bullish outlook and trigger a 10% sell-off to $0.00000625.

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