New Delhi: DOGE killer Shiba Inu has managed to draw the attention of both beginners and veteran crypto enthusiasts as the spike in the price made the SHIB the new king of the meme coins. After this recent upward run, the major question in the mind of investors remains the same, ‘Can this move sustain with time’.
On October 14, SHIB went down to the 14th position based on market capitalization as around $600 million was wiped off within the minutes. As per reports, an anonymous whale decided to buy almost 6.3 trillion SHIB in the 2nd week of October 2021. As per the data, SHIB has surged more than 260% due to it.
SHIB price is still accumulating as the whales are trying to break out from here as the coin is stuck between the common price range. A breakdown of 50% Fibonacci retracement level can lead to a drop from here. An upswing can be expected if the bulls decide to make a comeback.
Shiba Inu is stuck between the price range of $0.0000326 to $0.0000206 and the coin is trading just above the mid-point at $0.0000279. Buyers are confused as the price is giving no hint of the direction from here as it could move either way.
Investors are seeking confirmation from this point.
In an expected bullish outlook, Shiba has to bounce off the 50% Fibonacci retracement price level at $0.0000279. It has to produce an important 4-hour candlestick close above $0.0000297. SHIB will get a chance to retest the price level of $0.0000322 and this will give the coin to get a 15% upswing from the current price.
In a high bullish scenario, Shiba Inu can even get the chance to restest the $0.0000353 price level.
If SHIB fails to hold the price level of $0.0000279 which is at the 50% Fibonacci retracement point. If sellers managed to hold the position and produce a close below $0.0000271 then we can see a downtrend.
In this scenario, we can see the SHIB going down by more than 10% to test the $0.0000237 support levels.
