Shiba Inu took the market by surprise as a 20% price rally unfolded early in the week. Key levels have been identified to gauge a potential buy entry before the uptrend continues.
Shiba Inu price rallied in fashion as the notorious meme coin pulled off a 20% rally. At the current time, the bears have entered the Crypto market, forging an 8% decline. Still, there are reasons to believe the uptrend price move is still ongoing.
Shiiba Inu currently auctions at price of $0.00001089. During the recent upswing, the bulls have breached both the 8-day EMA and 21-day simple MA. Now, the two trend indicators converge under the SHIB coin price, which signals bullish buy strength.
A Fibonacci retracement level surrounding the strongest part of the recent price rally suggests the current profit-taking consolidation is just a 50% retracement level. If market conditions persist, a bullish price cross of the indicators could prompt an additional 20% rally. Key bullish targets would be at price of $0.00001250 and potentially $0.00001300.
Invalidation of the bullish price thesis could occur if the bears manage to tag the level of $0.00001040 liquidity zone. A sweep of the low could trigger a mudslide rally toward price of $0.00000970. The price of Shib would decline by 11% if the invalidation scenario occurred.
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