Shiba Inu price experienced a sudden downturn, pushing it toward the $0.00000625 and $0.00000654 demand barriers.
Investors can expect this area to serve as a foothold, launching SHIB by 30% to $0.00000882.
A breakdown of the range low at $0.00000459 will invalidate the bullish thesis.

Shiba Inu price has been on a descent since setting up a swing high on August 16. The downswing sliced through two crucial barriers but managed to recover quickly, hinting at more gains to come.

Shiba Inu price dropped 31% from the August 16 swing high at $0.00000948 and tagged the $0.00000654 support floor. The uptrend that resulted was ephemeral, leading to another sell-off that pushed through the $0.00000624 foothold.

However, as bulls came to the rescue, SHIB has recovered and is currently trading above these barriers. A continuation of the uptrend will likely push Shiba Inu price to tag the immediate resistance level at $0.00000768, followed by $0.00000835.

A successful flip of these hurdles into platforms will allow SHIB to tag the 50% Fibonacci retracement level at $0.00000882, constituting a 30% ascent from the current position.

SHIB/USDT 1-day chart

Although Shiba Inu price can go beyond the $0.00000882 resistance level, it is unlikely considering the importance of this barrier. While the optimistic scenario seems plausible, it rides on the assumption that the uptrend from $0.00000654 continues to push SHIB higher.

However, a failure to do so might result in a retracement to the range low at $0.00000549. A decisive daily candlestick close below this area will invalidate the bullish thesis. In this case, investors can expect Shiba Inu price to head toward the April 20 swing high at $0.00000419.

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