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Sarah Tran
Independent Analyst
Shiba Inu price is struggling to break out of the prevailing chart pattern formation as it continues to record lower highs. However, the governing technical pattern projects a 46% ascent toward $0.00004327 if SHIB slices above $0.00003009.
Shiba Inu price has been sealed within a falling wedge pattern on the daily chart as SHIB continues to consolidate. The prevailing chart pattern suggests a bullish outlook for the canine-themed token if it manages to slice above the upper boundary coinciding with the 21-day Simple Moving Average (SMA) at $0.00003009.
If Shiba Inu price breaks above the aforementioned level of resistance, SHIB may face a hurdle at the 23.6% Fibonacci retracement level at $0.00003218, before another obstacle emerges at the 50-day SMA at $0.00003358, intersecting with the resistance line given by the Momentum Reversal Indicator (MRI).
Additional headwind may appear at the 38.2% Fibonacci retracement level at $0.00003642 before SHIB reaches a stiff hurdle at the 50% retracement level at $0.00003984 which coincides with the 100-day SMA.
Only if Shiba Inu price manages to tackle all the aforementioned obstacles would see the bulls reach the bullish target at $0.00004327, where the 61.8% Fibonacci retracement level also sits.
SHIB/USDT daily chart
Adding credence to the optimistic outlook is the bottom signal given by the MRI on the 12-hour chart, suggesting that the bulls are ready to reverse the period of underperformance.
However, if selling pressure increases, Shiba Inu price may fall toward the lower boundary of the prevailing chart pattern at $0.00002434, which coincides with the 200-day SMA. This level should act as reliable support for SHIB but investors should note that further decline may mean that the bullish outlook will be voided.
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Bitcoin price has been on a downswing since the July 30 swing high rejection at a significant resistance level. This development has pushed BTC to slide lower and retest crucial support floors while hinting at a potential for a further move south.
Chainlink price shows an interesting setup after weeks of being stuck in a range. The recent development indicates that LINK buyers and bulls are back and want to enjoy gains. A daily candlestick close below $6.38 will invalidate the bullish thesis for LINK.
Telcoin price is this first choice for potential movers in a crypto bullmarket. The digital asset has a very optimistic macro outlook. Telecoin price has the potential to shock the world. The technicals suggest a rally towards all-time highs at $0.05 is still possible.
Ethereum classic price has more upside potential but finding an entry point will be challenging. Ethereum Classic price currently trades at $33.88 as the bears take full advantage of the profit-taking consolidation near the $40 congestion zone.
Bitcoin has overcome the 200-week SMA and 30-day EMA, denoting a major surge in bullish momentum. As a result, BTC could revisit anywhere from $25,000 to $30,000 soon. A daily candlestick close below 200 four-hour SMA at $21,117 will invalidate this bullish thesis.
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.
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 trade 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.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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