- Shiba Inu price is enduring a tough recovery as it confronts several major resistance areas ahead.
- If SHIB manages to slice above these crucial resistance barriers, the token could see an explosive rally.
- The prevailing chart pattern suggests that the canine-themed token is ready for a bounce toward $0.00011465.
Shiba Inu price appears to be losing momentum as SHIB consolidates following its tremendous rally in late October. However, the meme-based token could be gearing up for a major rally toward $0.00011465 if it manages to slice above a few critical obstacles in its way.
Shiba Inu price prepares for 66% ascent
Shiba Inu price has formed a bullish continuation pattern on the 4-hour chart, suggesting that once SHIB is able to slice above the overpowering resistances ahead, a substantial rally is on the radar.
Shiba Inu price has printed a bull flag pattern, with a bullish target of a 66% climb toward $0.00011140. SHIB recently retested the lower boundary of the governing technical pattern, forming a lower low following the massive surge that formed the pattern’s flagpole.
In order for Shiba Inu price to witness its optimistic target being reached, the first obstacle that SHIB would need to slice above is at the middle boundary of the prevailing chart pattern at $0.00006020. The following resistance for the canine-themed token is at the 61.8% Fibonacci retracement level at $0.00006352.
Stiffer hurdles may emerge at $0.00006782, where the 21 and 50 four-hour Simple Moving Averages (SMA) intersect. Additional roadblocks may appear at the upper boundary of the bull flag at $0.00006933, then at the 78.6% Fibonacci retracement level at $0.00007448, coinciding with the resistance line given by the Momentum Reversal Indicator (MRI).
The Arms Index (TRIN), which gauges overall market sentiment suggests that there are slightly more buyers than sellers in the market, which adds credence to Shiba Inu price recovery.
SHIB/USDT 4-hour chart
However, if the obstacles become too tough to crack for SHIB bulls, Shiba Inu may drop toward the 50% Fibonacci retracement level at $0.00005583 as its first line of defense when selling pressure rises.
Additional selling activity may see Shiba Inu price retest the lower boundary of the chart pattern at $0.00005151, before slicing below to tag the 100 four-hour SMA at $0.00005048. In this case, the bullish pattern is voided and SHIB could see further losses.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.