Shiba Inu cryptocurrency prices may rise 30% after recent recovery
Shiba Inu prices showed signs of recovery after a sharp drop. This development can be seen on all levels: almost all altcoin is caused by the increase in the price of Bitcoin. If the current trend continues, the SHIB will likely continue to rise.
Shiba Inu price may start a trend
The Shiba Inu price appears to be the beginning of a reversal. This move came after the SHIB dropped 43% in the last two weeks and broke below the support level of 0.00000625 USD.
Scanning the mentioned demand barriers allows market makers to collect liquidity. Therefore, the current configuration shows a high probability of successful rollback.
Although Shiba Inu's price will likely rise 18% to mark resistance at $0.00000727, it's still unclear whether bulls will be able to break it. If the buyer manages to generate a decisive 9-hour candlestick above 0.00000727 USD, it will act as a confirmation of the uptrend.
In that case, SHIB may even mark the 50% Fibonacci retracement level as 0.00000870 USD, which is about 40% -0.00000619 USD increase from the current position.
While optimism about Shiba Inu's recent price increase is good, it relies heavily on this pioneering cryptocurrency. Therefore, the potential (albeit abrupt) selling pressure that leads to the BTC's decline could cause the SHIB to fall.
If this change occurs and causes the low range to fall by $0.000000518, the high argument will be invalidated.
In some cases, selling pressure can even push Shiba Inu's price to $0.00000420.