Shiba Inu price dropped abruptly to the $0.00000811 support level as the cryptocurrency markets took a hit.
Although SHIB could crash another 14%, the potential retest of the $0.00001120 resistance barrier remains intact.
A decisive 4-hour candlestick close below $0.00000700 will invalidate the bullish thesis.
Shiba Inu price was on a steady uptrend, retesting crucial supply barriers. However, due to a sudden pullback in Bitcoin price, altcoins have also experienced a minor headwind.
Despite this blockade, the bullish scenario for SHIB remains in place.
Shiba Inu price stays strong
Shiba Inu price pushed past the 50% Fibonacci retracement level on July 6 to tag the subsequent barrier at $0.00000954. However, as the cryptocurrency markets took a plunge, so did SHIB. This down move breached through $0.00000954 and is currently testing $0.00000811.
While Shiba Inu price could take off from its current position, investors should not neglect an extension of this pullback to $0.00000739 or $0.00000700.
A bounce from either of the levels will need to slice through the range’s midpoint at $0.00000870.
If this were to happen, it would confirm a new uptrend and might propel SHIB to $0.00000954, $0.00001010 or even $$0.00001070. These barriers are highly resilient and have reversed the uptrend five times over the past 43 days.
Therefore, a decisive 4-hour candlestick close above $0.00001070 might propel the meme coin to tag the $0.00000112 resistance barrier or the range high at $0.00001220.
SHIB/USDT 4-hour chart
SHIB/USDT 4-hour chart
On the other hand, the downswing that pushes Shiba Inu price to shatter $0.00000700 will put the optimistic scenario on hold. If the bulls make a comeback, the uptrend will likely resume.
However, a failure to reclaim $0.00000700 will indicate weak buying pressure and invalidate the bullish thesis.
In such a case, SHIB might move 10% to tag the support level at $0.00000624.
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