Briefly –
- Shiba Inu had its price forming a lower high, but the token appears to secure footing beyond the support floor at $0.00000654.
- If the meme coin record a healthy bounce from the level, we can expect SHIB to hit $0.00000835, a 20% surge.
- If bearish breaches $0.00000549, it will cancel the bullish narrative.
On 16 September, Shiba Inu experienced a massive uptick that faded the following few days. That was after the canine-themed coin neared a steady support floor. Market players can expect the crypto to propel from this area, retesting critical resistance barriers.
SHIB Price Movements
From 13 September to 17 September, Shiba Inu recorded a 54% increment. However, the token failed to maintain the upside trend as the meme market lacked lucrative developments and money-making catalysts.
The buyers’ weakness eventually resulted in a price plunge towards the support region at $0.00000645. For now, Shiba Inu gradually bounces from this level, awaiting to retest the immediate price ceiling around $0.00000768. If buyers manage to overpower this obstacle, they will magnify their chances of tagging $0.00000835, recording a 20% upswing.
With a massive bullish case, the uptrends might continue towards the range’s midpoint near $0.00000882. Keep in mind that Shiba Inu bulls have failed to overcome this barrier six times in the last 105 days. With that, this area might be challenging for bulls to conquer. However, if Shiba Inu fails to keep the upside momentum, it will open the downward road to retest the support barriers at $0.00000654, then $0.00000625.
With a decisive close under $0.00000625, Shiba Inu will amplify its probability of retesting the range low near $0.00000549. However, if the token closes under $0.00000549, it will form a lower low, annulling the bullish narrative. In such a scenario, the meme cryptocurrency might move towards $0.00000420, 20 April swing high.
For now, meme crypto assets will rely on positive sentiment to revive their upward stance. Also, support from a broad market is essential for Shiba Inu to attain its objectives.
Do you think that SHIB bulls have enough momentum to hit their upswing targets? Comment below.
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