- Shiba Inu price appears ready for a 46% surge as it nears the upper boundary of the governing technical pattern.
- Slicing above $0.00003214 would put the bullish target at $0.00004693 on the radar.
- However, SHIB may face multiple tough obstacles ahead.
Shiba Inu price is preparing for a significant breakout as SHIB approaches a critical level of resistance. If the canine-themed token manages to slice above one crucial hurdle, a 46% ascent toward $0.00004693 is on the radar.
Shiba Inu bulls eye breakout
Shiba Inu price has formed a falling wedge pattern, suggesting a bullish forecast for the token on the 12-hour chart. If SHIB slices above the upper boundary of the prevailing chart pattern at $0.00003214, a 46% climb toward $0.00004693 could be in the offing.
The Momentum Reversal Indicator (MRI) has flashed its second consecutive bottom signal, suggesting that Shiba Inu price is ready for a reversal.
The first obstacle for Shiba Inu price will appear at the 50 twelve-hour Simple Moving Average (SMA) at $0.00003296, then at the resistance line given by the MRI at $0.00003417.
Additional hurdles may emerge at the 100 twelve-hour SMA at $0.00003509 before Shiba Inu price approaches the 38.2% Fibonacci retracement level at $0.00003638. Further selling pressure may propel SHIB toward the 50% retracement level at $0.00003981, coinciding with the 200 twelve-hour SMA.
One last headwind will appear at the 61.8% Fibonacci retracement level at $0.00004324 before Shiba Inu price approaches the optimistic target at $0.00004693.
SHIB/USDT 12-hour chart
Bigger aspirations paired with a spike in buy orders may incentivize the bulls to target the 78.6% Fibonacci retracement level at $0.00004813.
However, if selling pressure rises, Shiba Inu price may slide lower within the prevailing chart pattern to tag the nearest support level at the 21 twelve-hour SMA at $0.00002993. Additional footholds may emerge at the December 4 low at $0.00002944, then at the January 5 low at $0.00002848.
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
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
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.