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Shiba Inu (SHIB) Consolidates as Bulls Anticipate 22% Ascent

Briefly –

  • Shiba Inu saw its price rising by 54% between 13 September and 17 September but could not sustain the upside momentum.
  • With that, the meme asset plummeted 17% and consolidated as bulls hope it will retest the level at $0.00000963.
  • Meanwhile, breaching the support floor at $0.0000062 will cancel the uptrend narrative.

Shiba Inu recorded an exponential rally on 16 September, overpowering most resistances to its way up. However, the bullish strength faded after the token retested the 16 August swing highs. At the moment, SHIB consolidates within two critical barriers, awaiting a volatile price action.

SHIB Ready for another Uptick

Shiba Inu increased its value by 54% from 13 September. However, bulls lost momentum after the alt extended its actions past the 16 August peak at $0.000000950. Since then, the Dogecoin competitor lost 22%, breaching the support floor located at $0.00000768.

The buying pressure resurgence looks to have match profit-booking by holders, resulting in the consolidation in the barriers between $0.00000768 and $0.00000835. With that, market players are not sure about SHIB’s direction.

Typically, a volatility burst follows this price development. That leads to a price breakout in either direction. As the large-cap cryptos saw bullish moves during the weekend, SHIB showed higher rallying chances on the alts’ support. With that, analysts expect SHIB to break out with a 22% upswing, retesting the 62% FIB retracement at $0.00000963. In some scenarios, the upsurge might continue to 70.5% FIB retracement at $0.0000101.

On the other side, if the meme token fails to sustain its actions beyond the support level of around $0.00000768, it will mean sellers’ dominance. With such cases, market players can anticipate Shiba Inu to lose 16%, retesting the demand barriers at $0.00000654, then $0.00000625.

However, a decisive daily candle close under $0.00000625 without a fast recovery beyond $0.000000549 will cancel the bullish case. That way, Shiba Inu might endure a 12% slide to retest the lows at $0.00000549.

SHIB will rely on the correct sentiments and broad market support to achieve its target highs. Shiba Inu has struggled to recover over the past months.

Will SHIB hit its anticipated highs? You can comment below.

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