Shiba Inu price eyes 30% upswing as SHIB bulls tackle one last hurdle

Shiba Inu price has shown few clues as to directional intentions as it continues to be sealed within a downtrend within a descending parallel channel on a higher timeframe. However, SHIB could be preparing for a 30% ascent if the bulls manage to escape above a critical line of resistance above $0.00003520.

Shiba Inu price to overcome critical resistance

Shiba Inu price has formed a symmetrical triangle chart pattern on the 4-hour chart, suggesting that SHIB lacks decisiveness. 

If the bulls manage to slice above the upper boundary of the governing technical pattern, which intersects with the 21 four-hour Simple Moving Average (SMA) and 23.6% Fibonacci retracement level, Shiba Inu price could expect a big move to the upside.

The prevailing chart pattern suggests a 30% ascent for Shiba Inu price, targeting the upper boundary of the parallel channel. However, SHIB may meet another obstacle at the 50 four-hour SMA at $0.00003592, coinciding with the middle boundary of the parallel channel. 

An additional headwind may emerge at the 38.2% Fibonacci retracement level at $0.00003878, which sits near the 100 four-hour SMA and the resistance line given by the Momentum Reversal Indicator (MRI). 

SHIB/USDT 4-hour chart

Before Shiba Inu price could tag the bullish target, SHIB will face obstacles at the 50% retracement level at $0.00004166, then at the 200 four-hour SMA at $0.00004372, then at the 61.8% Fibonacci retracement level at $0.00004455. 

However, if selling pressure increases, Shiba Inu price may resort to the lower boundary of the triangle as immediate support at $0.00003358. Additional lines of defense may appear at the December 6 low at $0.00003269, then at the December 4 low at $0.00002952.