- 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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.