Shiba Inu price prediction: What’s next after SHIB’s 10% recovery? – analysis by AMBCrypto

Shiba Inu (SHIB) has seen remarkable whale interest during this week’s recovery rally. The rally, which started on the 19th of August, reaching a 10% gain during the early New York trading session on the 22nd of August. 

The recovery also coincided with a recent Shiba Eternity game launched on its Shibarium network. However, the recovery hit a short-term supply at the 61.8% Fibonacci retracement level.

After a massive dump on the 5th of August, SHIB has traded sideways between 61.8% ($0.000014) and 78.6% ($0.000012) Fib levels. 

The recent recovery has reached the short-term range-high at $0.000014, which could trigger another sell-off as seen in the past. 

Meanwhile, demand and buying pressure surged, as indicated by rising RSI (Relative Strength Index) and CMF (Chaikin Money Flow). 

However, demand interest in the dog-themed memecoin was not above the average levels at the time of writing, which could make it challenging to cross the resistance at $0.000014. 

So, if Bitcoin’s (BTC) price consolidation below $61K extends, SHIB could follow suit. Ergo, the short-term range highs and lows could remain key SHIB levels to watch in the short term.

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