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

Shiba Inu Price Analysis

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, Bitcoin, took another shot at the $35,000 critical barrier. Although Bitcoin’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 consolidates to resume its 35% 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.

Shiba Inu price analysis conclusion: Consolidation may lead to bullish rally

Nevertheless Shiba Inu price analysis suggests 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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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