• Shiba Inu price appears to be preparing for a 30% ascent as it nears a crucial line of resistance.
  • Slicing above $0.00003520 could see a compelling upside release for SHIB.
  • However, Shiba Inu may be required to tackle multiple obstacles before the bullish target is reached. 

Shiba Inu price has shown few clues as to directional intentions as it continues to be sealed within a downtrend within a descending parallel channel on a higher timeframe. However, SHIB could be preparing for a 30% ascent if the bulls manage to escape above a critical line of resistance above $0.00003520.

Shiba Inu price to overcome critical resistance

Shiba Inu price has formed a symmetrical triangle chart pattern on the 4-hour chart, suggesting that SHIB lacks decisiveness. 

If the bulls manage to slice above the upper boundary of the governing technical pattern, which intersects with the 21 four-hour Simple Moving Average (SMA) and 23.6% Fibonacci retracement level, Shiba Inu price could expect a big move to the upside.

The prevailing chart pattern suggests a 30% ascent for Shiba Inu price, targeting the upper boundary of the parallel channel. However, SHIB may meet another obstacle at the 50 four-hour SMA at $0.00003592, coinciding with the middle boundary of the parallel channel. 

An additional headwind may emerge at the 38.2% Fibonacci retracement level at $0.00003878, which sits near the 100 four-hour SMA and the resistance line given by the Momentum Reversal Indicator (MRI). 

SHIBUSDT

SHIB/USDT 4-hour chart

Before Shiba Inu price could tag the bullish target, SHIB will face obstacles at the 50% retracement level at $0.00004166, then at the 200 four-hour SMA at $0.00004372, then at the 61.8% Fibonacci retracement level at $0.00004455. 

However, if selling pressure increases, Shiba Inu price may resort to the lower boundary of the triangle as immediate support at $0.00003358. Additional lines of defense may appear at the December 6 low at $0.00003269, then at the December 4 low at $0.00002952.

 


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


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

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.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

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.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

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.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

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.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

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.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP