• Shiba Inu price is projecting a positive outlook as the governing technical chart pattern projects a 44% climb.
  • SHIB must slice above the neckline of the prevailing chart pattern at $0.00003628 in order for the bullish chart pattern to be validated.
  • If Shiba Inu falls below $0.00002826, the optimistic outlook could be invalidated. 

Shiba Inu price has formed a bullish chart pattern, suggesting an optimistic outlook for the canine-themed token. If SHIB slices above $0.00003628, the coin could be headed for a 44% ascent, a target given by the prevailing chart pattern. 

Shiba Inu bulls eye $0.00005336 next

Shiba Inu price has formed an inverse head-and-shoulders pattern on the 12-hour chart, projecting a 44% upswing toward $0.00005336. Investors should note that the bullish target would only be put on the radar if SHIB slices above the neckline of the prevailing chart pattern at $0.00003628.

The first line of resistance will emerge at the 200 twelve-hour Simple Moving Average (SMA) at $0.00003384, then at the 78.6% Fibonacci retracement level at $0.00003468. If buying pressure continues to increase, SHIB may tag the neckline of the governing technical pattern at $0.00003628.

Only if Shiba Inu price slices above the aforementioned neckline of the prevailing chart pattern could see SHIB target the optimistic forecast at $0.00005336. 

Additional headwinds may emerge at the December 27 high at $0.00003949, then at the 127.2% Fibonacci extension level at $0.00004560. If Shiba Inu price breaks above the November 20 high at $0.00005000, SHIB could tag the bullish target at $0.00005336, coinciding with the 161.8% Fibonacci extension level.

SHIB
SHIB/USDT 12-hour chart

If selling pressure increases, Shiba Inu price will fall toward the immediate line of defense at the 61.8% Fibonacci retracement level at $0.00003091. SHIB will discover another foothold at the 50% retracement level at $0.00002826, coinciding with the 100 twelve-hour SMA. However,  dropping below this level will invalidate the bullish outlook. 

If a spike in sell orders occurs, Shiba Inu price could fall toward the 50 twelve-hour SMA at $0.00002561, which intersects with the 38.2% Fibonacci retracement level. SHIB could drop toward the 23.6% Fibonacci retracement level at $0.00002233 next if bearish sentiment increases.


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

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

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