Shiba Inu (SHIB) Defies Downward Narrative, Hinting At 25% Surge

Briefly –

  • Shiba Inu has had its price sliding to collect liquidity beneath the support level at $0.0000331.
  • These price actions hint at an upcoming 25% upsurge to $0.0000442.
  • Meanwhile, a swing low beneath $0.0000295 will cancel the bullish case.

Shiba Inu’s price seems ready to propel higher as the meme coin collects liquidity beneath critical levels. Such actions show SHIB will witness an upswing soon, and it will conform after SHIB sets up a higher high.

SHIB Price Ready for Recovery

Shiba Inu plummeted by 45% from 30 November to 4 December. That came as the broad market suffered a crash. Meanwhile, this move gathered liquidity that rested beneath $0.0000620 and printed a swing low near $0.0000295.

Since the latest downswing, SHIB has recuperated 19% to its current level of $0.0000352. As the meme coin seems to set a base for higher prices, market players can expect SHIB to witness a bullish move soon. Meanwhile, the first obstacles showcase at $0.000442, a 25% surge away. Therefore, dog asset enthusiasts can expect Shiba Inu to witness a bullish momentum uptick towards its target.

Overpowering this level will mean buyers’ dominance, opening the road towards $0.0000543. Hitting this target will translate to a 55% upswing, presenting a full-price recovery.

Despite the bullish narrative, if the Dogecoin-competitor fails to register a higher high beyond $0.0000380, it will depict increased selling momentum. Such a development can prevent the optimistic outlook, knocking Shiba Inu down towards the nearest support area of $0.0000330.

At this level, buyers would have a chance to trigger an upswing. Nevertheless, if the meme coin produces a lower low beneath $0.0000295, market participants may have to forget about the bullish picture.

SHIB’s Day Ahead

Shiba Inu has to rise past $0.0000363 and 62% Fibonacci at $0.000037 to explore the first massive resistance zone at $0.0000383. Meanwhile, the coin will depend on overall market sentiment to overcome $0.000038.

On the other hand, bears will dominate with a sustained decline through 62% Fibonacci of $0.000037. Such actions will lead to a short-term bearish trend. Nevertheless, the overall market appears to recovery from the latest slump. Maintaining the uptrend will support SHIB’s optimistic target.