Shiba Inu price has been on a 58% upswing since creating a local bottom at $0.00000520.
The resistance level at $0.00000811 will decide if the upswing will continue.
A decisive close above the said supply barrier might push SHIB to $0.00000870, but failure might trigger a downtrend.
Shiba Inu price performance indicates a massive comeback. However, reversion to the mean is yet to occur and depends on the bulls’ strength to breach past a critical ceiling.
A swift move above it suggests that the uptrend will continue; however, if the buyers fail, a retracement might evolve.
Shiba Inu price at crossroads
Shiba Inu price dropped roughly 35% between June 21 and June 22 to $0.00000520, which created a new range low. Since this point, SHIB has climbed nearly 58% and came close to tagging the 50% Fibonacci retracement level at $0.00000870.
However, the dog-themed cryptocurrency is currently trading at $0.00000809, below the resistance level at $0.00000811.
Although indecisive at the moment, assuming a potential spike in buying pressure that produces a decisive 4-hour candlestick close above $0.00000811 will significantly improve the odds for the bulls to tag $0.00000870.
A successful flip of the midpoint will open the possibility of an uptick to the 62% Fibonacci retracement level at $0.00000954.
SHIB/USDT 4-hour chart
SHIB/USDT 4-hour chart
On the other hand, if Shiba Inu price fails to breach past the resistance level at $0.00000811, it will indicate the buyers’ inability. In such a case, SHIB might initially retrace to the immediate support barrier at $0.00000739.
This move would provide the dog coin another chance at the 50% Fibonacci retracement level at $0.00000870. However, a breakdown of $0.00000739 will invalidate the upswing possibility and indicate the start of a reversal.
In such a case, Shiba Inu price might drop 15% to the subsequent support level at $0.00000624.
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