Shiba Inu price stares at 40% advance as SHIB bounces off crucial support level
- Shiba Inu price underwent a massive downswing but found support at $0.00000625.
- A resurgence of buying pressure at this barrier is likely to trigger a 40% upswing.
- If SHIB breaks below the $0.00000519 range low, it will invalidate the bullish thesis.
Shiba Inu price witnessed a huge correction after it failed to climb above a critical resistance level. This downswing seems to have exhausted after retesting a key foothold, which could lead to a trend reversal.
Shiba Inu price aims for a higher high
Shiba Inu price dropped roughly 35% after tagging the 62% Fibonacci retracement level at $0.00000955. The support zone, ranging from $0.00000625 to $0.00000654, absorbed the selling pressure and pushed SHIB higher. If the buying pressure continues to rise, Shiba Inu price will more than likely flip the $0.00000759 and $0.00000811 resistance barriers into support levels.
If such a move occurs, it will confirm the start of a comeback, and investors can expect SHIB to take another jab at the 62% Fibonacci retracement level at $0.00000654. A successful reclaim of this barrier will open the path to 70.5 Fibonacci retracement level at $0.0000101.
This move would constitute a roughly 40% upswing from the current position.
In some cases, Shiba Inu price might even make a run at $0.0000107, coinciding with the 79% Fibonacci retracement level.
SHIB/USDT 1-day chart
While things look optimistic after the recent bounce from the $0.00000625 support level, investors need to keep an eye out for rejection at $0.00000811. Although the resulting downswing could bounce off the $0.00000625 foothold, a breakdown below it will invalidate the bullish thesis by setting up a lower low.
In this case, Shiba Inu price might crash 16% to tag the range low at $0.00000519.
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Text source: MCC.EXCHANGE
