Investors are having a happy October as the Shiba Inu price nearly tripled in value last week. While this rise is dazzling, if the meme coin can break through a major hurdle, it could give analyst Akash Girimath another 100% burst of beer.
Shiba Inu price approaching critical levels
Shiba Inu price is up 187% since Oct. 1 and is now trading just below the 50% Fibonacci retracement level at $0.00002294. SHIB is also grappling with another resistance level at $0.00001820, which lies between the price and the midpoint of its trading range. If this bullish momentum continues and it can produce a definitive close above $0.000002030, Shiba Inu price is likely to head into another bullish phase. In this case, meme coin bulls only need to push $0.00002360 to start an “up-only” rally. The start of such an uptrend would push the Dogecoin killer to $0.0000347, or a 100% rise from the current position.
Meme coin bulls can expect these levels in the sequel!
Beyond this point, if buying pressure continues to drop, Shiba Inu price may attempt to retest its May 11 ATH of $0.00003800. The analyst says it’s highly unlikely, but if it does, this uptrend could be overextended and make another run to the ATH level of $0.0005000. On the other hand, failing to exceed $0.000001820 or $0.000002030 will indicate that buyers are exhausted. In this case, SHIB could pull back to $0.0000141. Breaking this barrier will significantly delay the expected rise and even cause the meme coin price to consolidate.
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