• SHIB had its price consolidating for almost eleven days, indicating volatility absence.
  • With the coil up, market players may expect a 23% upside move by Shiba Inu, retesting 200-day Simple Moving Average at $0.0000254.
  • Losing the support floor at $0.0000158 will cancel the bullish scenario.

Shiba Inu (SHIB) saw a colossal fall as the cryptocurrency markets dipped into turmoil from 20 January to 22 January. Though most alternative coins recovered from the slump, Shiba Inu appears to coil up, suggesting a possible upside breakout.

SHIB Price Eyes Higher Levels

SHIB’s price lost approximately 36% from 21 January to 22 January. With that, the meme cryptocurrency entered the daily demand territory, stretching between $0.0000158 and $0.0000193. Meanwhile, Shiba Inu recovered to levels beyond the mentioned barrier before venturing into coiling up moves.

Shiba Inu is yet to display breakout signs despite consolidating for more than ten days. Nevertheless, any breakout will result in a 23% run-up towards the nearest resistance at $0.0000254 around the 200-day SMA.

Though unlikely, the canine-themed token might extend beyond the barrier to retest the weekly resistance zone at $0.0000283, nearly matching the 50-day Simple Moving Average. That move will push the overall surge to 36% from 23%.

Although the narrative remains optimistic from a technical viewpoint, any breakdown may see SHIB retesting the demand regions in the $0.0000158 – $0.0000193 range. Buyers have the opportunity to launch another uptrend here.

However, failure to trigger an upward move will likely welcome a daily candle close beneath $0.0000158. That way, SHIB will print a lower low, canceling the bullish outlook.

Such a development might witness Shiba Inu retesting the support level of $0.0000135. Meanwhile, bulls may band together at this level to catalyze another upsurge.

While publishing this article, Shiba Inu traded at $0.00002058, ranking 15 on Coinmarketcap. Moreover, the overall market flashes downtrends. The global cryptocurrency market cap stands at $1.67 trillion, following a nearly 5% drop.

Keeping such sentiment might hinder SHIB’s upside targets. Nevertheless, the dog coin should maintain beyond the support floor of $0.0000158 to keep the upside narrative.

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