Shiba Inu price to kickstart 37% climb but SHIB will face multiple challenges
|- Shiba Inu price will target the topside trend line of the prevailing chart pattern at $0.00003468 next.
- Slicing above the aforementioned resistance will target a further 51% upswing.
- The bullish outlook will be invalidated if SHIB drops below $0.00002357.
Shiba Inu price could be headed for a significant bullish reversal following the formation of a bullish chart pattern. SHIB will face several tough obstacles before reaching the upper boundary of the prevailing chart pattern. However, a slice above the aforementioned headwind may put another 51% ascent on the radar.
Shiba Inu price targets $0.00003468 next
Shiba Inu price has formed an ascending triangle pattern on the daily chart, projecting a 37% climb toward the upper boundary of the governing technical pattern toward $0.00003468.
Shiba Inu price may face several hurdles before tagging the optimistic target. The first area of resistance will emerge at the 50-day Simple Moving Average (SMA) at $0.00002595, then at the 21-day SMA at $0.00002679.
An additional headwind may appear at the 200-day SMA at $0.00002826, coinciding with the 50% retracement level.
Shiba Inu price will face another obstacle at the 100-day SMA at $0.00003091, intersecting with the 61.8% Fibonacci retracement level.
SHIB/USDT daily chart
Only if Shiba Inu price manages to slice above the aforementioned resistances would see SHIB tag the upper boundary of the ascending triangle pattern at $0.00003468, where the 78.6% Fibonacci retracement level also sits.
Investors should note that if buying pressure continues to increase and Shiba Inu price breaks above the topside trend line of the governing technical pattern, a 51% climb toward $0.00005337 would be put on the radar.
If bearish sentiment increases, Shiba Inu price will discover immediate support at the 38.2% Fibonacci retracement level at $0.00002561.
An additional foothold may emerge at the lower boundary of the prevailing chart pattern at $0.00002357.
However, if Shiba Inu price slices below the downside trend line of the governing technical pattern, the optimistic outlook may be invalidated.
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