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Akash Girimath
FXStreet
Shiba Inu price is currently facing rejection around a crucial hurdle. Overcoming this resistance level will be key to triggering a massive run-up for the Dogecoin-killer.
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Shiba Inu price has been on a steady uptrend for the past two weeks and now faces the $0.0000274 resistance barrier. This level has prevented SHIB from moving higher thrice over the past month.
Flipping this huddle into a support level will indicate a resurgence of buying pressure for Shiba Inu price. Moreover, this move will cement a bullish narrative for SHIB and trigger an initial run-up to $0.0000323 – a move that constitutes an 18% ascent.
If buyers stick together and manage to overturn the $0.0000323 barrier into a foothold, the bulls will have a resistance-free path up to $0.0000495. In total, the run-up from the current position at $0.0000269 to roughly $0.0000500, will constitute an 85% gain and is likely where the upside is limited for Shiba Inu price.
SHIB/USDT 4-hour chart
The highly bullish outlook for Shiba Inu price is contingent on Bitcoin sustaining a level above $45,000. A flash crash below this level will ruin all bullish setups across altcoins, including SHIB.
Therefore, a daily candlestick close below $0.0000223 will invalidate the bullish thesis for Shiba Inu price by producing a lower low. In such a situation, SHIB is likely to sweep below the $0.0000202 support level at which point bulls may be prepared to give the uptrend another go.
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