- Shiba Inu price could be headed for a major upswing as the token has formed an optimistic chart pattern.
- SHIB bulls could be aiming for a 51% climb toward $0.00005336 if the canine-themed token slices above $0.00003468.
- However, if Shiba Inu falls below $0.00002368, the optimistic forecast may be voided.
Shiba Inu price is preparing for a significant uptick following the formation of a bullish chart pattern. However, SHIB must slice above multiple obstacles ahead in order to validate the optimistic technical pattern.
Shiba Inu bulls eye 51% ascent
Shiba Inu price is forming an ascending triangle pattern on the daily chart, which projects a 51% ascent from the topside trend line of the governing technical pattern toward $0.00005336.
Shiba Inu price must overcome multiple challenges before the bullish target would be put on the radar. The first hurdle will emerge at the 38.2% Fibonacci retracement level, coinciding with the 50-day Simple Moving Average (SMA) at $0.00002561.
Additional obstacles may appear at the 50% retracement level at $0.00002826, intersecting with the 21-day SMA and the 200-day SMA.
Shiba Inu price will face further resistance at the 100-day SMA at $0.00003169 before SHIB bulls attempt to reach the upper boundary of the prevailing chart pattern at $0.00003468, coinciding with the 78.6% Fibonacci retracement level.
If Shiba Inu price manages to slice above the aforementioned level of resistance, the 51% climb toward $0.00005336 could be in the offing.
SHIB/USDT daily chart
If selling pressure increases, Shiba Inu price could test the lower boundary of the governing technical pattern at $0.00002368. If bearish sentiment continues to increase, SHIB could fall toward the 23.6% Fibonacci retracement level at $0.00002233.
However, if Shiba Inu price slices below the downside trend line of the prevailing chart pattern, the bullish chart pattern may be invalidated.
Shiba Inu price could continue tumbling toward the January 26 low at $0.00001990, then toward the January 22 low at $0.00001672.