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 has formed an inverted head-and-shoulder pattern on the 4-hour chart. The technical formation shows a 20% break from the October 7 high of $0.0003543 as the SHIB rises above the neckline of the pattern at $0.00002946. Therefore, it may continue to trend sideways until it gains momentum over the last hurdle.
There are signals that support the uptrend. For example, the break above the descending resistance trendline that has occurred 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 be forming a symmetrical triangle pattern with a measured 42% rally if SHIB makes a decisive upward move. 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 could drop towards the right shoulder of the pattern on the chart, distorting the bullish outlook. In this case, according to the analyst, these 3 technical models can be followed:
- The first line of defense for Shiba Inu price is at the descending trend line, which coincides with the 21 four-hour Simple Moving Average (SMA) at $0.00002826. Additional support will emerge at the 50 four-hour SMA at $0.00002739 before falling to the right shoulder low at $0.00002712.
- If SHIB breaks below this level, the SHIB bulls may be smashed as they fall back into the symmetrical triangle pattern pointing to further consolidation.
- Additional selling pressure could see Shiba Inu price collapse from the $0.00002626 high to the 100 four-hour SMA before falling further, labeling the ascending support trend line at $0.000002497.
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