Shiba Inu's price is currently contemplating heading lower level as it trades around a crucial support level. Although an upswing could kick-start, investors should not ignore the possibility of a downside move.
Shiba Inu's price retraced 19% from its June 29 swing high at the $0.00000997 level to the demand barrier at $0.00000811. Despite ranging around this level for a while, SHIB price might bounce and head higher or slice it to head lower.
The unclear bias can be connected to Bitcoin BTC price, which is also ranging at the moment. Assuming a bull rally begins at $0.00000811, SHIB price could slice through the intermediate levels and climb 40% to tag the ceiling at $0.0000112.
If the bullish momentum is not enough, the ascent could be cut short at 70.5% Fibonacci retracement levels at $0.0000107, $0.0000101, respectively.
However, if $0.00000811 shatters, the support level barrier at $$0.00000739 will likely stop the bleeding and restart the price upswing to the target mentioned above.
On the flip side, if the selling pressure continues to build up, Shiba Inu's price will likely slice through the support level at a price of $0.00000739 and tag $0.00000699.
In a high bearish case, if SHIB disregards these footholds and produces a decisive 4-hour candlestick below $0.00000625, it will invalidate the bullish thesis. Under these circumstances, investors can expect the Shiba Inu to crash 17% to the range low at $0.00000518.
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