Shiba Inu bulls ready to take-off as SHIB price stabilizes

New Delhi: Altcoins like DOGE and SHIB have gained immense popularity from the first quarter of the year 2021. These coins have achieved the tag of the most famous and trendiest cryptocurrency in the world of finance.

Earlier this year, SHIB community launched the petition to list the coin on the trading platform Robinhood and somehow petition managed to gain over 130,000 signatures till June this year.

The meme-based coin saw a spike on September 16 but soon it shed its all gain. A breakout from here was needed indeed but SHIB continues to contract and cause frustration for bulls and bears.

As China’s crypto ban is fluctuating the financial market SHIB price seems out to be the pennant or triangle pattern and now investors can expect another spike in the prices. Shiba will be retesting the crucial resistance barriers.

Understanding the Shiba Inu’s price breakout horizon

SHIB rose almost 55% from September 13 to September 17 but yet failed to maintain the uptrend. As the analysts, the buyer’s inability has led to a retracement to the $0.00000654 key support level.

Shiba Inu is trying to bounce off at the moment and will retest the immediate ceiling price support of $0.00000768. If buyers can manage to break through this barrier then this is a very high probability to touch $0.00000835 and this move can give the coin a 20% ascent.

A small phased bullish scenario can take the trading range to $0.00000882. As the experts, SHIB bull has terribly failed to crack this blockade and has been rejected more than 5 times in the past 105 days. Thus this ceiling price support proves to be a formidable resistance barrier.

In the other scenario, If SHIB fails to gather the momentum then there is every probability that it could go down to rest the support price level of $0.00000654 or $0.00000625.

A close under $0.00000625 can lead to the restest of another low of $0.00000549 and it is expected that if it goes below the support level of $0.00000549 then it will create a new lower low falsifying the bullish thesis.