- SHIB price is trading in a tight range between the supply barrier that extends from $0.0000117 to $0.0000168 and the 200 four-hour SMA at $0.00000822.
- A potential upswing will face overwhelming pressure by the 50 and 100 four-hour SMAs at $0.0000158 and $0.0000147, respectively.
- A breakdown of $0.00000654 will invalidate the bullish thesis and signal the start of a steep downtrend.
SHIB price recovery, unlike most altcoin, has been slow, signaling a weak buying pressure. Even as Shiba Inu tries to head higher, it will face a wide area of support flipped to resistance after the recent flash crash on Wednesday.
SHIB price has recovered 48% like most altcoins but fails to show a definitive bullish bias that could propel it. Instead, Shiba Inu reveals a weak buying pressure that is slightly greater than the bearish momentum, keeping it afloat.
The supply zone that ranges from $0.0000117 to $0.0000168 will be a tough level to crack, considering it harbors the 50 and the 100 four-hour Simple Moving Averages (SMA) at $0.0000158 and $0.0000147.
Therefore, the weak bullish momentum could most likely push SHIB price by 45% to the 100 four-hour SMA at $0.0000147. While unlikely, a breach of this barrier could further propel the meme coin by 7% to the 50 four-hour SMA at $0.0000158.
However, investors should note that this is possible only if the buyers slice through the supply zone’s lower boundary at $$0.0000117.
SHIB/USDT 4-hour chart
On the flip side, if SHIB price drops below the 200 four-hour SMA at $0.00000822, it will signal an increased bearish momentum. A continuation of the selling pressure that leads to a decisive close below the swing low created on May 19 at $0.00000654 will invalidate the bullish thesis.
In that case, investors can expect Shiba Inu price to slide 36% to the support level at $0.00000420
