Sarah Tran
Independent Analyst
- Shiba Inu price is gearing up for a significant surge as the token edges toward a critical area of resistance.
- If SHIB climbs above $0.00003902, the dog-themed coin could be headed for a 42% climb.
- However, Shiba Inu may face an abundance of obstacles ahead.
Shiba Inu price is preparing for a significant ascent as it nears a crucial line of resistance. If SHIB slices above $0.00003902, the canine-themed cryptocurrency could be headed for a 42% climb.
Shiba Inu price eyes $0.00005435 next
Shiba Inu price has formed a descending parallel channel on the daily chart, suggesting an overall bearish outlook. However, since SHIB is nearing the upper boundary of the governing technical pattern, the token could be headed for a 42% bounce toward the November 30 high at $0.00005435.
The first area of resistance for Shiba Inu price is at the topside trend line of the parallel channel, coinciding with the 38.2% Fibonacci retracement level at $0.00003902. Only if SHIB manages to break above the aforementioned headwind will the dog-themed token target the bullish target.
Additional obstacles will emerge for Shiba Inu price at the 50-day Simple Moving Average (SMA) at $0.00004099, then at the 50% retracement level at $0.00004194. If buying pressure increases, SHIB will face challenges at the 61.8% Fibonacci retracement level at $0.00004486 and at the 78.6% Fibonacci retracement level at $0.00004902.
If a spike in buy orders occurs, Shiba Inu price may even surge past the optimistic target at $0.00005435 and aim for bigger aspirations at the November 5 high at $0.00006547.
SHIB/USDT daily chart
However, if selling pressure increases, Shiba Inu price may test the first line of defense at the 100-day SMA at $0.00003612. Additional support may appear at the 23.6% Fibonacci retracement level at $0.00003541, then at the 21-day SMA at $0.00003468.
Shiba Inu price may discover additional footholds at the December 6 low at $0.00003269 and at the December 4 low at $0.00002952, coinciding with the middle boundary of the prevailing chart pattern.
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.