- SHIB price presents an optimistic picture as the primary technical pattern predicts a 44% upside action.
- Shiba Inu has to climb past the prevailing chart setup’s neckline to validate the bullish formation.
- Meanwhile, the optimistic case will fade if SHIB drops beneath $0.00002826.
Shiba Inu (SHIB) has created a bullish chart formation, indicating a bullish picture for the meme coin. Shiba Inu slicing past $0.00003628 might unveil a 44% upside move, the target by the prevailing chart setup.
SHIB Bulls Target $0.00005336 Next
Shiba Inu price printed an inverse head-shoulders formation on its 12hr chart, suggesting a 44% upward move toward $0.00005336. Market players need to beware that the bullish goal will only showcase if the altcoin surges past the prevailing chart pattern’s neckline at $0.00003628.
The initial resistance line will appear at 200 12hr Simple Moving Average near $0.00003384, then around the 78.6% FIB retracement zone at $0.00003484. Another hurdle can emerge at 78.6% FIB retracement zone at $0.00003468. Increased pressure by buyers will see Shiba Inu tagging the governing technical pattern’s neckline at $0.000036298.
Remember, Shiba Inu prices need to slice past the mentioned prevailing chart’s neckline for SHIB to hit the optimistic prediction at $0.00005336.
Further headwinds might appear at the 27 December peak of $0.00003949, then near 127.2% FIB extension zone at $0.00004560. If the Dogecoin killer breaks past the 20 November peak at $0.0000500, it may tag the bullish aim near $0.00005336, matching the 161.8% FIB extension mark.
If selling momentum magnifies, SHIB will witness declines toward the closest defense line at 61.8% FIB retracement mark at $0.00003091. Shiba Inu will secure another footing neat the 50% retracement mark around $0.00002826, corresponding with the 100 12hr Simple Moving Average. Nevertheless, plunging beneath this mark will have SHIB’s bullishness fading.
A surge in sell orders might see Shiba Inu plunging towards the 50 12hr Simple Moving Average around $0.00002561, the level intersecting with the 38.2% FIB retracement mark. Increased bearish sentiment might drag Shiba Inu lower to the 23.6% FIB retracement mark near $0.00002233.
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