- Shiba Inu price rose 10% in the last three days and re-tested the $0.00000768 resistance level.
- The current pullback is likely to be followed by an 18% rise to $0.00000835.
- In some cases, SHIB may return to the support area, ranging from $0.00000625 to $0.00000654.
Shiba Inu price has reduced its consolidation within a larger range in recent days. However, the overall trend seems to be bullish due to the formation of consecutive higher lows.
Shiba Inu price faces a momentary blockade.
SHIB price increased about 10% since September 28 as it met the support level of $0.00000768. Bulls have failed to break this resistance level and are currently leading to a pullback.
Investors can expect Shiba Inu’s price to break through this barrier and continue moving higher if the overall market structure turns bullish like yesterday. While this is an optimistic scenario, a likely outcome would be a pullback to $0.00000684.
The correction will give buyers a chance to recover and restart the uptrend. Taking the bulls’ hypothesis into account, market participants can forecast that SHIB will break above $0.00000768 and climb to $0.00000835.
This move would constitute a 22% upside.
Alternatively, if Shiba Inu price does not hold above $0.00000684, it will lead to a retest of $0.00000654 or $0.00000625, where buyers may have another chance to start the bullish rally.
Nonetheless, if none of the aforementioned supports hold, the dog-themed cryptocurrency will likely achieve a decisive close below $0.00000625, invalidating the bullish thesis.
In that case, the Shiba Inu price could extend the decline and retest the range low at $0.00000549.