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