- Shiba Inu price has reached a lower high, but finds its place just above the $ 0.00000654 support floor.
- A successful bounce from here could push SHIB 20% to $ 0.00000835.
- If the bears cross the lower range at $ 0.00000549, this will invalidate the bullish thesis.
The Shiba Inu price experienced a massive uptrend on September 16, but it was quickly canceled over the next two days as it approached a stable support floor. Investors can expect SHIB to step in here, testing crucial resistance barriers again.
Shiba Inu price breakout on the horizon
Shiba Inu price rose 54% from September 13-17, but failed to maintain the uptrend. This inability of buyers led to a possible pullback at the $ 0.00000654 support level. Now SHIB is bouncing off this platform, anticipating a retest of the immediate limit at $ 0.00000768. If buyers manage to overcome this blockage, it is highly likely that Shiba Inu will get $ 0.00000835. This move would constitute a 20% rise.
In a bullish scenario, the rally could extend to the midpoint of the trading range at $ 0.00000882. SHIB traders have failed to break through this barrier and have been rejected not once but six times in the last 105 days. Therefore, this roof will prove to be a formidable barrier of resistance.
SHIB / USDT 1-day chart
On the other hand, if the Shiba Inu price does not regain momentum, there is a chance that it will return to test the support barriers of $ 0.00000654 or $ 0.00000625 again.
A decisive close below $ 0.00000625 is not unlikely and could lead to a retest of the low range at $ 0.00000549. However, if the Shiba Inu price closes below $ 0.00000549, it will create a lower low, invalidating the bullish thesis. In that case, SHIB could head to the April 20 high of $ 0.00000420.