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Shiba Inu Price Analysis: SHIB price consolidates to resume its 35% price rally

3 min read

TL;DR Breakdown

  • Shiba Inu price analysis highlights SHIB’s bouncing off the $0.00000811 critical support line.
  • If Shiba Inu closes trading today above the $0.00000871 price level, it will validate a new bull run’s commencement.
  • The $0.00000871 level coincides with SHIB’s 50 percent Fibo retracement level.
  • Failing to bypass the $0.000007 demand area would invalidate all bullish narratives.

Over the past 5 days, Shiba Inu price analysis has registered 3 successful attempts by SHIB in slicing through its crucial support line. From the look of things, this price consolidation is likely to usher in a colossal bull run that might lead to a surge over immediate resistance levels.

Shiba Inu Analysis: General price overview

On June 28, SHIB bypassed the 50 percent Fibo retracement level at $0.00000811 to pierce through the successive resistant levels. Despite this milestone, the crypto token failed to sustain the momentum, leading to it plunging back towards the $0.00000811 support line. According to Shiba Inu price analysis, the crypto token has tested this support line 3 times over the past 5 days.

Shiba Inu price movement in the past 24-hours

According to the 24-hour price chart, Shiba Inu’s price action appears to be making small gains, and it appears set to break above a critical barrier. If SHIB is successful, the crypto token will likely surge higher towards the coveted $0.000010 mark. At present, Shiba Inu is trading at around $0.00000886.

After plunging and bouncing back from a decisive support level over the past few trading sessions, SHIB’s price analysis shows us that buyer confidence in the meme token is building. As a result of this, Shiba Inu’s price appears ready to bypass key resistance hurdles to tag the $0.000010 mark. However, for such a price action to be sustained, market sentiments towards the general crypto market need to remain positive, as seen in previous sessions.

According to our Shiba Inu price analysis, SHIB’s most recent price rally seems to have been supported by a sense of enthusiasm among market participants today. This is supported by the fact that the number one crypto asset, BTC, took another shot at the $35,000 critical barrier. Although BTC’s price has retraced below the $34,000 mark, there is hope that the adverse price action could be coming to a halt soon.

Shiba Inu 4-hour chart

Shiba Inu Price Analysis: SHIB price consolidates to resume its 35% price rally 1
Source: TradingView

According to this Shiba Inu price analysis, a possible surge in buying strength would smash the mid-point range and kickstart the commencement of a bull run. If this happens, Shiba Inu’s price will face resistance at the 62, 70.5, and 79 percent Fibo retracement levels. These retracement levels represent $0.00000954, $0.0000101, and $0.0000107 price levels, respectively. These potential resistance levels are potential reversal regions.

Therefore, SHIB bulls need to push the token through these regions to test the $0.0000112 resistance ceiling, approximately a 35 percent gain from the current price tag. SHIB’s price could hit the local $0.0000122 high in a highly bullish scenario, a price action that will see it leave the current range to form a new one.

Conclusion

Nevertheless, if SHIB fails to bypass the $0.00000871 region or the 50 percent Fibo retracement level, it will indicate exhaustion among buyers. Such a case will see SHIB plunge towards its $0.00000811 support line, and if selling pressure persists, the crypto coin could find itself at the foothold at $0.00000739. A price breakdown past this region would invalidate all bullish prospects and initiate a 10 percent selling spree. This might lead to Shiba Inu SHIB settling at around $0.00000625.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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