Shiba Inu's price does not show a clear directional bias as it trades in a narrow range. However, a minor price upswing to retest the critical level area for the third time seems likely.

Shiba inu price eyes equal highs

Shiba Inu's price is currently stuck in a tight range without a clear trend line. It is moving back and forth between the supply zone’s lower range at a price of $0.0000117 and swings low of May 19 at $0.00000654.

At the time of writing, the SHIB coin is currently grappling with the resistance support barrier at $0.00000949. A decisive 4-hour candlestick pattern closes above this might propel SHIB price by 23% to $0.0000117.

If the SHIB buying pressure continues to mount, there is a high chance, Shiba Inu's price will rise an additional 22% to retest $0.0000144.

Investors should note that any uptick in Shiba Inu price or an attempt to head higher will be an arduous task due to the presence of a massive supply zone that extends from the price of $0.0000117 to $0.0000168. So, Shiba Inu is likely to experience more consolidation in the near term.

While the price upswing narrative seems logical, it is dependent on a successful breach of the resistance support level at $0.00000949. A failure to flip this barrier will invalidate the SHIB bullish thesis detailed above and question the bulls’ authority, leading to a 30% decline to retest the May 19 swing low at a price of $0.00000654.

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