Shiba Inu's price has dropped roughly 33% over the past week to where it currently stands, $0.00000690 level, just above a stable support floor at a price of $0.00000654. A breach of this level will push SHIB's price down to the subsequent demand barrier at $0.00000625.
Investors need to note that an upswing could originate at either of the support levels mentioned above. In some cases, Shiba Inu's price might continue to head lower until it retests the range low at a price of $0.00000518, where the buyers could ignite a rally.
The first target where investors could book profit is the 50% Fibonacci retracement at $0.00000870. If the bid orders continue to pile up, SHIB price could tag the lower end of the high probability reversal zone at $0.00000954 coinciding with the 62% Fibonacci retracement level.
This move would constitute a 50% run-up from $0.00000625.
While the upswing narrative seems likely and plausible, investors need to exercise caution as peak FOMO, or retail hype generally leads to massive price corrections.
A perfect example of this is DOGE holders’ disappointment during Elon Musk’s much-anticipated appearance on Saturday Night Live on May 8. DOGE price, which was expected to pump, reversed and corrected 42% between May 8 and May 9.
Similarly, Shiba Inu's price might appreciate the days leading up to the virtual party on July 20, but it is likely to dump on or during the event. If this were to happen, leading to a price breakdown of the range low at $0.00000518, it would deter the uptrend.
If the buyers fail to push SHIB higher and reclaim the said level, it will invalidate the bullish thesis and potentially trigger a 20% correction to $0.00000420.
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