Shiba Inu price awaits 42% rally as bulls tackle one last key resistance

  • Shiba Inu price is at a critical point as it inches closer to a massive bull run.
  • The Dogecoin-killer needs to break above $0.00003037 for SHIB to reach the optimistic target of a 42% climb.
  • However, a slice below $0.00002879 could spell trouble for the bulls.

Shiba Inu price appears to be consolidating following its tremendous rally of over 340% in early October to a swing high of $0.00003528. SHIB has presented a continuation pattern and is nearly at the brink of a make-or-break point. If the Dogecoin-killer manages to slice above a crucial level of resistance, it could anticipate a rally of 42%.

Shiba Inu price eyes ascent toward $0.00004346

Shiba Inu price has formed a symmetrical triangle on the 4-hour chart, indicating that the bulls may be catching their breath following the massive uptrend. While SHIB is confusing investors with directional cues, its next move could indicate a 42% ascent depending on whether the token manages to slice above a critical hurdle.

Investors should note that the bullish target would only be on the radar if Shiba Inu price breaks above the upper boundary of the triangle pattern at $0.00003037. Only if SHIB manages to escape above the aforementioned resistance, would the prevailing chart pattern project a 42% ascent toward $0.00004346, coinciding with the 127.2% Fibonacci retracement level.

However, Shiba Inu price may face a few obstacles before reaching the optimistic target. The first hurdle above the topside trend line of the triangle emerges at $0.00003073, the October 13 high. Additional obstacles may arise at $0.00003200 and $0.00003528, the October 11 high and October 7 high, respectively.

The Momentum Reversal Indicator (MRI) also presents a breakout line at $0.00003559, which indicates that this area would be crucial to crack before Shiba Inu price could climb toward its aforementioned bullish target.


SHIB/USDT 4-hour chart

If Shiba Inu faces a spike in sell orders, SHIB may resort to its first line of defense at the 20 four-hour Simple Moving Average (SMA) at $0.00002879, coinciding with the 78.6% Fibonacci retracement level. Investors should also note that a slice below this level could put the token in danger of a 42% decline toward $0.00001659, coinciding with the 28.2% Fibonacci retracement level, given by the prevailing chart pattern. 

However, additional support may appear at the 50 four-hour SMA at $0.00002712, then at the support line given by the MRI at $0.00002562. Further lines of defense will emerge at $.0.00002372, $0.00002015 and $0.00001784, the 61.8% Fibonacci retracement level, the 50% Fibonacci retracement level and the 100 four-hour SMA, respectively.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ethereum Classic price lags behind Bitcoin and XRP despite upcoming rally

Ethereum Classic price action for the Thursday trade session has been the definition of a whipsaw. The daily candlestick open has dropped as much as 9.5% and spiked higher by as much as 10.5% - big swings in all directions.

More Ethereum Classic news

VeChain price nears a 120% bullish breakout

VeChain price has made significant gains during the Thursday trade session, capitalizing on Ethereum’s bullish move to new all-time highs. VeChain itself has traded higher than 10% on the day, outperforming the majority of its peers. VeChain is likely to convert to bull-market conditions ahead of most altcoins.

More VeChain news

Polkadot price sees bullish breakout, but risks fading

Polkadot (DOT) has made another attempt to break out of the bullish triangle. This is the fourth time already in just one month that price has tried to break to the upside, making it primed to likely succeed at the next attempt.

More Polkadot News

Litecoin bears want to take over, but LTC price still eyes $400

Litecoin price attempts to outperform Bitcoin and Ethereum. A rally of over 100% is likely if Litecoin can crack above some key resistance levels ahead. Litecoin is on target to make its own, new all-time highs if conditions are favorable.

More Litecoin News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast