Shiba Inu price continues to consolidate as it moves sideways after the massive bull run earlier this month. SHIB offered a buying opportunity as it approached a 20% rally following the emergence of a bullish pattern. According to analyst Sarah Tran, these technical levels can be followed for more…
SHIB price expects to climb to $0.00003543
Shiba Inu price is forming an inverted head-and-shoulder pattern on the 4-hours chart. The technical formation shows a 20% break from the October 7 high of $0.00003543 as the SHIB rises above the neckline of the formation at $0.00002946. Therefore, it may continue to trend sideways until it gains momentum over the last hurdle.
Available in signals supporting an uptrend. For example, the break above the descending resistance trendline that has formed since the October 7 rise. However, before the Shiba Inu price reaches the above-mentioned optimistic target, there are two major hurdles:
- The top of October 13 and the top of October 11 are at $0.00003073 and $0.00003200 respectively.
Shiba Inu can reach 42% formation target
Shiba Inu price also appears to form a symmetrical triangle formation with a measured 42% rally if SHIB makes a decisive move upwards. Although SHIB rises above the resistance trendline, it may spend time around the upper trendline of the triangle pattern. A spike in buy orders could see the Shiba Inu price segment above the inverted head-and-shoulder line and eventually prepare for a 20% rally.
However, if SHIB experiences weakness and sees its momentum turning to the downside, Shiba Inu price may fall towards the right shoulder of the pattern on the chart, disrupting the bullish outlook. In this case, according to the analyst, these 3 technical models can be followed:
- The first line of defense for the Shiba Inu price is at the descending trend line, which coincides with the 21 four hour Simple Movementollary Average (SMA) at $0.00002826. Additional support at $0.00002739 will emerge at the 50 four saadollarsik SMA before falling to $0.00002712, the low of the right shoulder.
- If SHIB falls below this level, the bulls of SHIB may be rout as it falls back into the symmetrical triangle pattern that indicates further consolidation.
- Additional selling pressure could see the Shiba Inu price collapse from the $0.00002626 high to the 100 four hourdollarsik SMA and tag the ascending support trend line at $0.000002497.