After settling up an immediate high around &0.0000179 in mid of August 14, SHIB price further continued to form consequent lower highs & lower lows, indicating the persistence of the bearish trend.
The popular meme coin which is trading around $0.00001 for quite a long time faced rejection in an attempt to go beyond these levels. Therefore, these levels are presently acting as a strong support level, from where the SHIB price may get triggered for a fine upswing.
Currently, the SHIB trade setup displays a couple of lower targets to be reached in the next couple of weeks. Meanwhile, both the lower targets at $0.00000908 & $0.00000959 could eventually trigger the price toward the upper targets above $0.000017. Once the SHIB price surpassed these levels the market participants may expect liquidity may rest above these levels which may enable the bears to extract some profits.
Therefore, after a slight pullback, the rally may continue to rise forward. On the other hand, if the SHIB price fails to bounce it may further test the lower support below $0.000008 and reach $0.0000077. Hence buyers are expected here to step in and uplift the price beyond $0.00001. Moreover, if the bearish thesis prevails further, a steep drop may compel the price to test $0.000006 too.