- Shiba Inu price will target the topside trend line of the prevailing chart pattern at $0.00003468 next.
- Slicing above the aforementioned resistance will target a further 51% upswing.
- The bullish outlook will be invalidated if SHIB drops below $0.00002357.
Shiba Inu price could be headed for a significant bullish reversal following the formation of a bullish chart pattern. SHIB will face several tough obstacles before reaching the upper boundary of the prevailing chart pattern. However, a slice above the aforementioned headwind may put another 51% ascent on the radar.
Shiba Inu price targets $0.00003468 next
Shiba Inu price has formed an ascending triangle pattern on the daily chart, projecting a 37% climb toward the upper boundary of the governing technical pattern toward $0.00003468.
Shiba Inu price may face several hurdles before tagging the optimistic target. The first area of resistance will emerge at the 50-day Simple Moving Average (SMA) at $0.00002595, then at the 21-day SMA at $0.00002679.
An additional headwind may appear at the 200-day SMA at $0.00002826, coinciding with the 50% retracement level.
Shiba Inu price will face another obstacle at the 100-day SMA at $0.00003091, intersecting with the 61.8% Fibonacci retracement level.
SHIB/USDT daily chart
Only if Shiba Inu price manages to slice above the aforementioned resistances would see SHIB tag the upper boundary of the ascending triangle pattern at $0.00003468, where the 78.6% Fibonacci retracement level also sits.
Investors should note that if buying pressure continues to increase and Shiba Inu price breaks above the topside trend line of the governing technical pattern, a 51% climb toward $0.00005337 would be put on the radar.
If bearish sentiment increases, Shiba Inu price will discover immediate support at the 38.2% Fibonacci retracement level at $0.00002561.
An additional foothold may emerge at the lower boundary of the prevailing chart pattern at $0.00002357.
However, if Shiba Inu price slices below the downside trend line of the governing technical pattern, the optimistic outlook may be invalidated.
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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
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: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
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.