The price of Shiba Inu gained around 12% today and recently broke out of its consolidation phase slicing through a significant resistance level. This upsurge has also cleared the sky for the asset to move further in the upward direction.
Earlier, Shiba Inu tried breaching through a supply zone the range of which was from the mark of $0.00000625 to $0.00000654. Though, its previous attempt failed, this development led to a junction phase that has recently ended after three days.
Talking about today, the asset has witnessed a significant inflow of capital investment that ultimately led to around a 9% surge in its price.
A move in which a 12-hour candlestick close its position above the mark of $0.00000654, will be making sure that the purchasers are present in the market as this will ensure the development of the supply zone into demand.
The next resistance levels for the assets are considered to be $0.00000727 and $0.00000759 and as said if the purchasing pressure is high, the price may even spike to the mark of $0.00000811.
Well, this upside will be marked around a 26% surge in the price of the cryptocurrency if the current price is considered the base price.
As we have discussed enough of the bulls, and what possibly they can do to the price of Shiba Inu, let’s shift our focus to what if they fail to do so.
Well, if the bulls fail to save the coin from slipping through the demand zone the price range of which is $0.00000625 and $0.00000654.
This will ultimately lead the candlestick to go below the level of $0.00000555, and hence, all the positive outlook towards the coin will be considered invalid as it will potentially trigger a selling pressure in the market.