Shiba Inu price has been moving sideways for more than a week, indicating that the buying and selling pressure are equally matched. Although SHIB saw a sudden uptick in buying pressure, it was short-lived and within the consolidative range. However, investors need to see a breakout from this range to trigger a massive move higher.
Shiba Inu price set up a swing high at $0.0000395 after the December 4 flash crash. Shortly thereafter, the meme coin set up a swing low at 0.0000328 dollars. This development was followed by a series of roughly equal highs and lows that formed in this trading range.
SHIB failed to bounce off the 79% retracement level at 0.0000340 dollars and corrected very near to the range low. However, the buyers stepped in on December 12, triggering a minor 12% upswing that fell short of retesting the range high at 0.0000387 dollars.
As Shiba Inu price pulls back to the 79% retracement at 0.0000340 dollars again, investors can expect SHIB to see another rally. If this run-up produces a 4-hour candlestick close above 0.0000387 dollars, it will signal a bullish outlook.
In this case, Shiba Inu price will first attempt to flip the 0.0000411 dollars and 0.0000442 dollars resistance levels. In a highly bullish case, the Shiba Inu price will make a run for the November 30 swing high at 0.0000543 dollars, constituting a 40% gain from the range high at 0.0000387 dollars.
On the other hand, if Shiba Inu price fails to muster up the bullish momentum at 0.0000340 dollars, it will indicate that the buyers are taking their sweet time. However, if SHIB produces a lower low at 0.0000328 dollars, it will invalidate the bullish thesis. In such a scenario, Shiba Inu price could venture lower to retest the December 4 swing low at 0.0000295 dollars.