Shiba Inu price is correcting, but the general trend seems to favor the bulls.
A swift recovery above $0.00000654 will protect the uptrend narrative.
A breakdown of the $0.00000515 support level will invalidate the bullish thesis.
Shiba Inu price is currently experiencing a pullback after failing to set up a higher high. While this is demeaning in the short term, it does not impact the bullish outlook negatively.
The trading range’s midpoint appears to be an attainable target for the buyers, considering the shift in trend for the general cryptocurrency market.
Shiba Inu price sliced through the $0.00000625 and $0.00000654 support levels but failed to sustain above them. As a result, SHIB slid below these barriers. The second attempt is ongoing, and a confirmation will arrive after a decisive 4-hour candlestick close above $0.00000654.
Pushing through the said level will confirm the presence of buyers and propel the dog-themed cryptocurrency to $0.00000811. In a highly bullish case, this uptrend could extend up to the 50% Fibonacci retracement level at $0.00000870.
In total, this climb would constitute a 33% ascent from its current position.
SHIB/USDT 4-hour chart
While the upswing narrative makes sense, buyers are on the spot and need to shatter the $0.00000654 resistance level. Even after slicing through this level, the bulls need to breach past the resistance level at $0.00000727.
Failure to do either of these will lead to a delayed uptrend and, in some cases, an invalidation, especially if the resulting downswing closes below the range low at $0.00000518.
Such a move might further increase the chance of a retest of the $0.00000420 support level, roughly 18% away from the range low.