Shiba Inu's price saw a massive buying pressure that sliced through a stiff resistance level. Although the price uptrend failed to sustain itself, the September 8 daily candlestick closed on a positive note.
As crypto slowly recovers after the September 7 crash, SHIB price looks ready to do the same.
Shiba Inu's price dipped below the range low of $0.00000549 level on September 8 but recovered swiftly. At one point in time, SHIB price rose roughly 35%, but the inability of the buyers to sustain this movement pushed it lower. Regardless, Shiba Inu's price still shows promise of an ascent.
If the uptrend continues, the meme coin needs to slice through the $0.00000768 and $0.00000835 level ceilings. Doing so will open the path up to the middle point of the trading range at a price of $0.00000882, coinciding with the 50% Fibonacci retracement level. This move would constitute a 28% upswing.
If the buying pressure continues to pour in, Shiba Inu's price will take a jab at the high probability reversal pattern ranging from $0.00000963 to $0.00001080.
While things seem to be going well for Shiba Inu's price, a failure to go higher will indicate a problem. If the buyers fail to keep the asset above the support zone, ranging from $0.00000625 to $0.00000654 level, it will reveal that the sellers are still in control.
However, a decisive close below the range low at a price of $0.00000549 will invalidate the bullish thesis and open the path for further descent.
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