Shiba Inu's price appears to have not taken a big hit compared to BTC price and other altcoins in terms of drawdown. SHIBA price formed a bottom just below the swing low set up on June 12. Despite the presence of resistance levels, the dog-themed crypto looks to advance.
Shiba Inu's price dropped roughly 50% from peak to trough between June 15 and June 22. The Coinbase wallet listing and the cryptocurrency market meltdown have caused SHIB to set up a temporary range.
Although SHIB's price rallied roughly 25% from the bottom at a price of $0.00000520, it looks primed for more upswing. A decisive 4-hour candlestick pattern closes above $0.00000653 will confirm the start of an uptrend and propel SHIB by 32% to the 50% Fibonacci retracement at $0.00000871.
However, the supply barrier at a price of $0.00000812 needs to be shattered for Shiba Inu to reach its intended target.
The reason behind this advance is the Shiba Inu price returning to the mean after a massive drawdown. Therefore, the immediate resistance level at a price of $0.00000520 needs to be flipped into support to have any chances of an upswing.
On the other side, if Shiba Inu's price fails to slice through $0.00000520, it will signal a weak buying pressure. In such a case, SHIBA price might retest and even sweep the recent swing low at $0.00000519.
However, if Shiba Inu's price produces a decisive close below it, the bullish thesis will face invalidation. If this were to happen, the dog-themed cryptocurrency might slide 19% to $0.00000420.
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