Shiba Inu price to kickstart 37% climb but SHIB will face multiple challenges

Shiba Inu price could be headed for a significant bullish reversal following the formation of a bullish chart pattern. SHIB will face several tough obstacles before reaching the upper boundary of the prevailing chart pattern. However, a slice above the aforementioned headwind may put another 51% ascent on the radar. 

Shiba Inu price targets $0.00003468 next

Shiba Inu price has formed an ascending triangle pattern on the daily chart, projecting a 37% climb toward the upper boundary of the governing technical pattern toward $0.00003468.

Shiba Inu price may face several hurdles before tagging the optimistic target. The first area of resistance will emerge at the 50-day Simple Moving Average (SMA) at $0.00002595, then at the 21-day SMA at $0.00002679. 

An additional headwind may appear at the 200-day SMA at $0.00002826, coinciding with the 50% retracement level. 

Shiba Inu price will face another obstacle at the 100-day SMA at $0.00003091, intersecting with the 61.8% Fibonacci retracement level.

SHIB/USDT daily chart

Only if Shiba Inu price manages to slice above the aforementioned resistances would see SHIB tag the upper boundary of the ascending triangle pattern at $0.00003468, where the 78.6% Fibonacci retracement level also sits. 

Investors should note that if buying pressure continues to increase and Shiba Inu price breaks above the topside trend line of the governing technical pattern, a 51% climb toward $0.00005337 would be put on the radar. 

If bearish sentiment increases, Shiba Inu price will discover immediate support at the 38.2% Fibonacci retracement level at $0.00002561.

An additional foothold may emerge at the lower boundary of the prevailing chart pattern at $0.00002357.

However, if Shiba Inu price slices below the downside trend line of the governing technical pattern, the optimistic outlook may be invalidated.