Shiba Inu's price is currently retracing after tagging the 62% Fibonacci retracement level at a price of $0.00000954 for the fourth time over the past month.
The pullback is likely to continue until the SHIB price finds support at $0.00000811 or $0.00000739. At either of these two demand barriers, investors can expect the resurgence of buyers that might catapult SHIB price forward.
If this were to occur, SHIB price is likely to slice through the 62% Fibonacci retracement at $0.00000954, followed by a retest of the 70.5% Fibonacci retracement level at 0.0000104, a 45% upswing from the support at $0.00000739.
In a highly bullish case, the dog coin can be expected to produce a decisive 4-hour candlestick pattern close above the 79% Fibonacci retracement level at $0.0000122.
If the buying pressure continues after this development, Shiba Inu's price might redefine the upper range.
On the other hand, if SHIB fails to slice through $0.0000122 and stay above it, it will indicate that investors are more interested in short-term profits, which might result in a downswing to the price of $0.0000101 or if the market participants continue to book profits, $0.00000954.
This move would not be a bearish indication but suggests that Shiba Inu's price might take another jab at retesting the upper range.
However, if the dog coin breaks down the support barrier at $0.00000625, the chances of a price upswing would be reduced dramatically. In such a case, Shiba Inu's price might drop to the range low at $0.00000517.
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