Shib Inu price is on track to appreciate 15% if this happens

Shiba Inu price has a similar movement to Dogecoin and hints at a 15% upswing.
Investors should consider booking profits at the retest of the $0.0000106 resistance level.
A daily candlestick close below the $0.0000074 level will create a lower low and invalidate the bullish outlook for SHIB.

Shiba Inu price has breached its tight consolidation range after two weeks, indicating a shift in the narrative. The resurgence of buyers is evident with the direction of the recent move. This outlook will likely persist, pushing SHIB higher as the month-end volatility starts to kick in.

Shiba Inu price primed for more gains

Shiba Inu price set up three lower highs and lower lows since November 9, depicting a downtrend. However, on November 22, SHIB pierced the trend line connecting the said swing lows, denoting a breakout.

The Dogecoin-killer noted a 7% upswing after it confirmed a bullish resurgence.

Furthermore, the Relative Strength Index (RSI), the 11% run-up on November 22, seems to directly result from the bullish divergence. This technical formation is formed when the Shiba Inu price produces lower lows while RSI produces higher lows, denoting a rising bullish momentum.

This non-conformity suggests that a trend reversal is likely for Shiba Inu price.

Investors can expect SHIB to retest the $0.0000106 hurdle, denoting a 15% upswing for bulls. However, a flip of this level will extend the run-up to $0.0000116, bringing the total gain to 25%.

SHIB/USDT 4-hour chart

While the bullish outlook is apparent, investors need to pay close attention to the $0.0000081 support level. A breakdown of this barrier will invalidate the bullish thesis for Shiba Inu price by producing a lower low.

In such a case, SHIB could slide 9% before approaching a stable support level at $0.0000074.

Here's how Bitcoin's moves could affect Shiba Inu price

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.