Shiba Inu (SHIB) to Face Challenges before Returning to $0.00004327

  • Shiba Inu may be ready to surge 46% if bulls lift the meme coin beyond $0.00003009.
  • However, SHIB might meet many hurdles before reaching the optimistic aim.
  • Sliding below $0.00002434 will ruin the bullish case for Shiba Inu.

Shiba Inu (SHIB) struggles to overcome the prevailing chart setup as the dog coin prints lower highs. Nevertheless, the primary technical pattern predicts a 46% upward move towards $0.00004327. However, SHIB bulls should step up for an upside move past $0.00003009 to realize the upside target.

SHIB Price Ready for 46% Surge

Shiba Inu has moved confined in a plunging wedge setup (daily price chart). That comes as the Dogecoin competitor extends its consolidation actions. Meanwhile, the prevailing chart formation indicates a bullish case for the assets. Nevertheless, that would play out when the meme coin slices beyond the topside border, matching the 21-day SMA at $0.00003009.

If SHIB overcomes the mentioned resistance, it might encounter an obstacle at 23.6% FIB retracement zone near $0.00003358 before exploring the challenge around the 50-day Simple Moving Average, the level intersecting with the Momentum Reversal Indicator’s resistance line.

An additional hurdle is a 38.2% FIB retracement of $0.00003642. SHIB should clear it before Shiba Inu reaches the massive obstacle around the 50% retracement zone at $0.00003984. This level corresponds with the 100-day Simple Moving Average.

Remember, Shiba Inu has to conquer the mentioned hurdles to achieve the bullish aim at $0.00004327, the level where the 61.8% FIB retracement mark stands.

Meanwhile, the Momentum Reversal Indicators’ bottom signal on the twelve-hour chart appears to support Shiba Inu’s optimistic projection. That indicates bulls’ interest in reversing the underperformance period for the canine-themed asset.

However, magnified selling pressure will have SHIB dropping towards the prevailing chart setup’s bottom boundary at $0.00002434, the level coinciding with the 200-day Simple Moving Average. The dog coin might discover dependable support at this value area. However, further declines will ruin the bullish picture for SHIB.

For now, SHIB Inu necessitates the correct catalysts and bullish actions to battle multiple obstacles plaguing its upside path.

You can share this article.

Related Posts