- SHIB price is ranging inside a demand zone that extends from $0.0000117 to $0.0000168.
- A decisive close above the 50 four-hour SMA at $0.0000214 will confirm the start of an uptrend.
- This move could trigger a 33% upswing to $0.0000286, which is the supply zone’s lower boundary.
SHIB price has been ranging since May 13 but recently dipped into a crucial demand zone. Although Shiba Inu swept below this support area, it has managed to recover but is still range-bound.
SHIB price needs to establish a clear trend
SHIB price turned bearish when it pierced the lower boundary of the demand zone, extending from $0.0000117 to $0.0000168. However, the swift recovery indicated otherwise. Regardless of this move, Shiba Inu is still consolidating inside the support area mentioned above.
Although a move past $0.0000168 is bullish, a confirmation will arrive when SHIB price shatters the 50 four-hour Simple Moving Average (SMA) at $0.0000214. Considering the recovery detailed above, the buyers are coiling up the meme-themed cryptocurrency for a run-up.
If the buyers manage to shatter the 50 four-hour SMA, investors can expect a swift rally to the base of the supply that extends from $0.0000286 to $0.0000318.
A further spike in bullish pressure will allow SHIB price to climb to its all-time high at $0.0000393.
SHIB/USDT 4-hour chart
On the flip side, a breakdown of the 100 four-hour SMA at $0.0000127 will signal a weakening buying pressure. In such a case, market participants can expect SHIB price to slice through the support level at $0.0000172, the base of the demand barrier detailed above.
This move would invalidate the bullish outlook and kick-start a 10% downswing to the recent swing low at $0.0000105.
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