Briefly-
- SHIB retests the $0.00000727 and $0.00000759 support zones at the moment.
- An expected bounce from the supports might propel the meme coin towards $0.0000101, a 40% surge.
- If bears breach the demand barrier at $0.00000625, they will nullify the bullish narrative.
Shiba Inu managed to move out of the consolidation that confined SHIB for long. The best thing is that the dog-themed crypto overpowered the restrictions with explosive upside shots. As bulls failed to maintain the fight, the altcoin registered slight retracements that had SHIB down towards its current support levels.
SHIB Anticipates Massive Gains
Shiba Inu has seen its price consolidating in the $0.00000625 to $0.00000645 range for about sixteen days. However, SHIB managed to conquer its bondage by a 45% surge. Though such is an impressive rally, the alternative coin did not sustain the gains, dropping to the support zones at $0.00000759 and $0.00000727.
According to the overall market outlook, investors wait for impulsive movements in the coming sessions. In scenarios of massive surges, SHIB would break the $0.00000870 and 50% Fib retracement level. That way, the meme coin can move to retest its possible reversal level, stretching between $0.00000955 and $0.0000107.
Although buyers might find it challenging to take SHIB to the upper side of the range, the coin will undeniably retest the 70.5% Fib retracement at $0.0000101. That would translate to a 40% surge from the support barrier at $0.00000727.
Meanwhile, if SHIB breaches the support at $0.00000727, it might incur massive losses despite the bullish attitude. Such a move will confirm bear dominance. With that, Shiba Inu might plunge towards the demand territory that ranges between $0.00000625 and $0.00000645.
As much as the retracement will delay the surges, it might not affect bulls. However, a definite 12-Hr candle close beneath $0.0000062 will annul the bullish narrative. The canine-themed crypto will then see extended losses.
Shiba Inu requires the correct sentiment to trigger price moves and sustain its recent upticks. Meanwhile, support from the broader market is vital at this point. Keep in mind that altcoins have shown a high correlation with Bitcoin. If BTC sees price upticks, SHIB can climb to its target.
Enjoy Lucrative Trading
