- Shiba Inu price is preparing for a 20% rally once it overcomes one last obstacle.
- SHIB needs to slice above the prevailing chart pattern’s neckline at $0.00002946 before ascending to the October 7 high.
- If Shiba Inu falls below $0.00002712, the token would fall back into a consolidation pattern, continuing to trend sideways.
Shiba Inu price continues to consolidate as it moves sideways following the tremendous bull run earlier this month. SHIB has presented a buying opportunity as it edges closer to a 20% rally following the emergence of a bullish technical pattern.
Shiba Inu price awaits climb toward $0.00003543
Shiba Inu price has formed an inverse head-and-shoulders pattern on the 4-hour chart. The prevailing technical pattern suggests a 20% breakout toward $0.00003543, the October 7 high, once SHIB surges above the neckline of the chart pattern at $0.00002946. Until the dog-themed token is able to slice above this one last obstacle, it may continue to trend sideways.
Adding credence to the bullish outlook is the break above the descending resistance trend line that formed since the swing high on October 7. However, before Shiba Inu price could reach the aforementioned optimistic target, there remain two major hurdles: the October 13 high and the October 11 high at $0.00003073 and $0.00003200, respectively.
Shiba Inu price appears to be also devising a symmetrical triangle pattern, with a measured 42% rally if SHIB makes a decisive move toward the upside. Although the token broke above the resistance trend line, it appears to be hovering around the topside trend line of the triangle pattern.
A spike in buy orders could see Shiba Inu price slice above the inverse head-and-shoulders neckline and eventually prepare for a 20% rally.
SHIB/USDT 4-hour chart
However, if SHIB suffers weakness and sees its momentum flip to the downside, Shiba Inu price could drop toward the prevailing chart pattern’s right shoulder, ruining the bullish outlook.
The first line of defense for Shiba Inu price is at the descending trend line, which coincides with the 21 four-hour Simple Moving Average (SMA) at $0.00002826. Additional support will emerge at the 50 four-hour SMA at $0.00002739, before dropping to the right shoulder’s low at $0.00002712. Should SHIB tumble below this level, the token would devastate bulls as the token falls back into the symmetrical triangle pattern, indicating further consolidation.
Additional selling pressure could see Shiba Inu price collapse toward the 100 four-hour SMA at $0.00002626, before descending further, tagging the ascending support trend line at $0.00002497.
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.