Shiba Inu's price is currently experiencing a pullback after failing to set up a higher high. While this is demeaning in the short term, it does not impact the SHIB bullish outlook negatively.
The trading range’s midpoint appears to be an attainable target for the buyers, considering the shift in trend for the general crypto market.
Shiba Inu price sliced through the price of $0.00000625 and $0.00000654 support levels but failed to sustain above them. As a result, SHIB price slid below these barriers. The second attempt is ongoing, and a confirmation will arrive after a decisive 4-hour candlestick pattern close above $0.00000654.
Pushing through the said level will confirm the presence of buyers and propel the dog-themed crypto to a price of $0.00000811. In a highly bullish case, this uptrend could extend up to the 50% Fibonacci retracement level at a price of $0.00000870.
In total, this climb would constitute a 33% ascent from its current position.
While the upswing narrative makes sense, buyers are on the spot and need to shatter the price of $0.00000654 resistance level. Even after slicing through this level, the bulls need to breach past the resistance level at a price of $0.00000727.
Failure to do either of these will lead to a delayed price uptrend and, in some cases, an invalidation, especially if the resulting downswing closes below the range low at $0.00000518.
Such a move might further increase the chance of a SHIB price retest of the $0.00000420 support level, roughly 18% away from the range low.
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