- SHIB price hovers at a possible reversal level, hinting at a 30% surge.
- However, the meme coin can present an accumulation opportunity within the demand zone at $0.0000269 – $0.0000293.
- Breaching the support floor at $0.0000269 will annul SHIB’s bullish thesis.
Shiba Inu’s (SHIB) price has maintained sideways after its latest upward move. Furthermore, the consolidation follows a retracement that saw Shiba Inu at a discount, contemplating reversals.
SHIB Ready for Underperformance Reversal
Shiba Inu had its price rising by nearly 40% from 20 December to 23 December 2021, formulating a swing high around the $0.0000399 level. The upside move gathered liquidity beyond these swing peaks up to 4 December.
That attracted profit-booking for SHIB tokens, resulting in an 18% retracement towards $0.0000327. Shiba Inu had consolidated without significant volatility since then. For now, the dog crypto awaits two scenarios – retesting the daily demand territory in the $0.0000269 – $0.0000293 range or a trend reversal that catalyzes an uptrend for the alt.
In the latter scenario, SHIB might witness an 18% surge towards the latest swing peak at $0.0000399. Above this, the token might retest the $0.0000441 resistance barrier, suggesting a 30% increase from the current price area – $0.0000339.
In the former narrative, SHIB price might retest its daily demand region, creating a triple bottom formation, bolstering the reversal case. With such an outlook, market players may anticipate a 36% rally by SHIB. That will see the dog coin retesting the 23 December swing high of $0.0000399.
On the other side, Shiba Inu’s failure to hold beyond the demand region in the (0.0000269 – $0.0000293 range will show feeble buying momentum and suggest profit-taking by investors. A 4hr candle close beneath $0.0000269 will form a lower low, canceling the bullish narrative for SHIB price. With such cases, Shiba Inu might retest the nearest support area at $0.0000237.
For now, meme coin enthusiasts can await a correction from SHIB to form a dependable base for upsurges. Shiba Inu has the potential for a 30% surge. Nevertheless, the altcoin has to maintain beyond the support floor of $0.0000269 to eye higher levels.