Shiba Inu (SHIB) Lacks Momentum but Targets 35% Upswing

Shiba Inu (SHIB) Lacks Momentum but Targets 35% Upswing

Briefly

  • Shiba Inu’s price indicated buyers’ weakness as the meme coin briefly dropped beneath $0.00000811.
  • A bullish momentum will have SHIB overcoming its resistances as it heads to $0.0000112.
  • If the coin breaches the $0.00000727, Shiba Inu will overturn the bullish narrative.

Shiba Inu (SHIB) experienced minor barriers as the coin attempted to overpower its critical resistance zones. Meanwhile, the corrective crypto market nature saw SHIB experiencing pullbacks, delaying the predicted upswing.

SHIB’s Price Awaiting Trigger

Shiba Inu’s price was about to test $0.0000759 levels. For now, the canine-themed cryptocurrency hovers around $0.00000811. As much as this is an impressive recovery, SHIB still trades beneath the 50% Fib retracement zone at $0.0000871.

Increased buyers’ efforts to push the asset above the mentioned zone will confirm another uptrend for SHIB. With such actions, SHIB might see its price rallying towards the probability area between $0.00000955 and $0.0000107.

The 17 August uptick pushed the meme asset towards the lower limit. Unfortunately, SHIB couldn’t follow through. The anticipated surge should create a higher high near the 70.5% Fib retracement at $0.0000101. That would confirm another bullish momentum.

In a lucrative market, SHIB might break the high probability reversal range to tag $0.0000113, about 38% up from its current level, $0.00000820.

Meanwhile, weak buying pressure would translate to downtrends. If the coin fails to break the 50% Fib retracement zone around $0.00000871, SHIB will experience price weakness triggering downswings toward the nearest support level at $0.00000759.

If the market situation forces Shiba Inu to drop to the demand area near $0.00000727, the coin will witness a lower low, canceling the bullish theory.

Such moves might see Shiba Inu dropping towards $0.00000654.

Although SHIB lacks momentum at the moment, it still targets a 35% upsurge. For upside movement, the meme asset will have to keep away its supports and test higher resistance. That requires backing from the broader market.

Increased bullish activities in the coming sessions might witness SHIB swinging higher by almost 38%. The altcoin has a probability of higher moves as the crypto market turns green.

Bitcoin managed to hit the $50K mark after the price struggles that took over three months. As long as BTC maintains its uptrend, Shiba Inu will explore new highs.

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