- Shiba Inu price is traversing a bullish pennant, indicating a continuation of an uptrend.
- Investors can expect a 34% upswing to $0.0000154 if the intermediate hurdles are cleared.
- A daily candlestick close below the $0.0000095 support level will invalidate the bullish thesis for SHIB.
Shiba Inu price shows a breakout from a bullish setup, signaling an affinity to climb higher. Moreover, SHIB is in the perfect position to capitalize on the next leg that is likely to result in an explosive move.
Shiba Inu price is ready to rumble
Shiba Inu price is traversing a continuation pattern known as a bullish pennant. This technical formation contains a flagpole and a pennant.
The 34% explosive move SHIB witnessed between June 19 and June 25 formed the flagpole and the consolidation in the form of higher lows and lower highs form a pennant. This technical formation forecasts a 34% upswing to $0.0000154, obtained by adding the flagpole height to the breakout point at $0.0000116.
Interestingly, Shiba Inu price pierced through the pennant’s upper trend line and produced a daily candlestick close above it at roughly $0.0000116, signaling a breakout. Therefore, this bullish signal is validated, but investors should wait for a secondary confirmation that will arrive after SHIB successfully retests the pennant as throwback support.
If this retest holds, investors can expect Shiba Inu price to reach its target at $0.0000154, especially after overcoming the intermediate hurdle at $0.0000139.
SHIB/USDT 4-hour chart
While things look straightforward for Shiba Inu price, a re-entry into the pennant will indicate weak buying pressure. In such a case, if SHIB produces a daily candlestick close below the $0.0000095 support level, it will invalidate the bullish thesis for SHIB.
This development could further see Shiba Inu price revisit the $0.0000082 barrier.
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