- SHIB sees its price consolidating following a 30% upward move since 10 January.
- Retesting the demand area that stretches between $0.0000253 and $0.0000287 may translate to a 20% surge for Shiba Inu.
- Breaking the support floor at $0.0000253 will ruin the bullish thesis.
Shiba Inu’s (SHIB) price contemplates a direction while hovering beneath the latest printed swing low. A brief correction towards a critical support zone may trigger a massive upside move for the canine-themed token.
SHIB Vies to Rally Higher
SHIB had its price composing a demand region on 24hr timeframe as the token gained 30% since 10 January. The upward journey saw Shiba Inu forming a swing high near $0.0000320, translating to a slight retracement.
The recovery after this brief drop forms another swing peak, setting up a double top. With that, meme coin fans may expect Shiba Inu to fall to the daily demand region that extends between $0.0000253 and $0.0000287.
Retesting the mentioned barrier may catalyze a massive upswing for the Dogecoin competitor. Shiba Inu will likely see a 20% upside move, retesting the $0.0000340, trading range’s mid-level, and collecting liquidity above the mark.
A highly bullish scenario will see SHIB extending the uptrend to retest $0.0000400, range peak. Such a move would constitute a 40% upswing for the meme coin. For now, the token seems prepared for an uptrend despite where the journey will originate. Nevertheless, failure to kick-start from the highlighted demand territory will open more chances for swift price action.
While Shiba Inu’s eyes higher price region, the daily demand region stretching between $0.0000253 and $0.0000287 remains critical in detecting the meme coin’s directional bias. Meanwhile, a 4hr candlestick close under $0.0000253 will produce a lower low, canceling the optimistic thesis for SHIB price. With that, the meme coin might revisit the support barrier at $0.0000237.
The altcoin market has seen positive sentiment since Tesla allowed clients to pay with the original dog token, DOGE. The news saw Dogecoin gaining more than 15%. Such developments might help SHIB rally higher. Nevertheless, the global market outlook remains crucial for SHIB’s upcoming reactions.