By Nathan Ferguson
- Shiba Inu’s price dropped 28% within four days, tagging the demand zone at $0.0000224 – $0.0000233.
- Though Shiba Inu might rally, the weekly resistance zone at $0.0000283 will cap further upside.
- Enthusiasts can expect SHIB to consolidate around these barriers for the upcoming sessions.
Shiba Inu and other altcoins suffered a sell-off as Bitcoin weakened. That way, the meme coin sliced through a critical barrier, rebounding from another at this publication.
SHIB Price Stuck
Shiba Inu’s price plummeted beneath the support zone at $0.0000283 amid a 28% crash in about four days. For now, the downswing bounces off the barrier at $0.0000233, the level matching $0.0000224 – $0.0000233 demand territory.
The barrier offers sturdy support, and market players may expect Shiba Inu to rebound from it before triggering a swift run-up towards the flipped weekly resistance of $0.0000283. That would translate to a 20% upswing, but further upside appears unlikely.
Therefore, market players might see the canine-themed token dipping into consolidation at these barriers in the coming future.
Though Shiba Inu highlights mild bullishness, its price movements reflect Bitcoin’s actions. A sudden surge in selling momentum might shift the narrative to bear preference. However, a 4hr candle close beneath $0.0000224 will print a lower low, annulling SHIB’s bullish thesis.
In such a case, Shiba Inu might fall to retest the support level of $0.0000202, where bulls might rest, preparing for the next leg up.
Shiba Inu appears ready for upward movements. That comes as the meme coin lost 28% of its value within four days. Though the mildly bullish case, the weekly resistance area at $0.0000283 will likely cap further upticks by the crypto. Meanwhile, crypto fans can watch Shiba Inu consolidating for the predictable future.
The overall cryptocurrency market noted upticks over the past day. While publishing this content, the global crypto market capitalization stood with gains at $1.72 trillion. Nevertheless, the market remains shaky, with downside potentials. That explains the awaited temporary upsurges by most tokens. While writing these lines, Bitcoin rose from the $36K value zone, changing hands at $37,917.82 at this publication.