Shiba Inu's price bounced off a support level thrice over the past five days. This consolidation is likely to lead to a massive price uptrend that slices through immediate barriers in an attempt to tag the range high.
Shiba Inu price sliced through the 50% Fibonacci retracement level at a price of $0.00000811 on June 29 and pierced the subsequent resistance ceilings. However, a failure to sustain above it pushed the Shiba coin back to the support level at $0.00000811, which has been tested thrice over the past five days.
A potential spike in buying pressure that shatters the midpoint of the range will confirm the start of a price uptrend.
In such a case, SHIB price will face ceilings at $0.00000954, $0.00001010, and $0.00001070, representing 62%, 70.5%, and 79% Fibonacci retracement levels, respectively. These barriers are high probability reversal pattern zones, so the price bulls need to slice through this area and tag the resistance barrier at $$0.00001120 level, roughly a 38% advance from $0.00000811.
In a highly bullish case, Shiba Inu's price might even tag the local high at a price of $0.00001220, signaling an attempt to move out of the current range or set up a new one.
On the flip side, if Shiba Inu fails to breach through the 50% Fibonacci retracement level at a price of $0.00000870, it will signal weakness among buyers.
Such a development will push SHIB down to the support barrier at a price of $0.00000811, and if the selling pressure continues to increase, the foothold at a price of $0.00000739 might be tagged.
A breakdown of the demand floor at a price of $0.00000700 will invalidate the bullish outlook and trigger a 10% sell-off to $0.00000625.
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