Shiba Inu's price rose roughly 43% between August 6 and August 8 but retraced almost 23% in the next 24 hours. While this run-up was ephemeral, SHIB's price gathered steam as the bulls pushed its market value higher.
Despite the Momentum Reversal Indicator flashing a sell sign in the form of a red ‘one’ candlestick pattern on the 12-hour chart, Shiba Inu's price rose past it and is currently grappling with the 50% Fibonacci retracement level at a price of $0.00000871.
If the meme coin produces a decisive 12-hour candlestick pattern close above the said barrier, it will confirm a resurgence of buyers and an ability to move higher. In such a case, SHIB price will target the high probability reversal zone, ranging from $0.00000955 to $0.00001070.
In the past, Shiba Inu's price has tagged the 70.5% Fibonacci retracement level at a price of $0.00001010, which is a primary target. However, if the big crypto and the altcoins continue to rally, SHIB price might clear this zone and attempt to tag $0.00001120, roughly a 28% upswing from $0.00000871.
On the flip side, a breakdown of the $0.00000811 support level barrier will indicate an inability of the buyers to prolong this upswing. If the resulting selling pressure pushes SHIB price to shatter $0.00000727 level, it will invalidate the bullish thesis and potentially trigger a 10% crash to $0.00000654.
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