Shiba Inu (SHIB) Bulls Ready for a Massive Breakout, Contemplating 42% Surge
Briefly –
- SHIB price prepares a significant rally as the meme coin approaches a crucial resistance area.
- If Shiba Inu surges beyond $0.00003902, the crypto might witness a 42% run-up.
- Nevertheless, the altcoin might encounter multiple resistance ahead.
Shiba Inu (SHIB) prepares for a vital upsurge as the canine-themed cryptocurrency near a critical resistance line. If the Dogecoin-killer surges past the $0.00003902 mark, it might experience a 42% ascent.
SHIB Price Targets $0.00005435 Next
Shiba Inu’s daily chart shows the alt formed a descending channel, indicating a general bearish picture. However, as the dog coin approaches the governing technical pattern’s top boundary, the asset might witness a 42% climb, heading to 30 November peaks of $0.00005435.
The initial resistance area for SHIB price stands at the parallel channel’s topside trend-line, corresponding with a 38.2% FIB retracement level of $0.00003902. Shiba Inu has to overcome this headwind for a lucrative move, attaining the optimistic target.
More hurdles might showcase at 50-day SMA at $0.00004099, then 50% retracement area at $0.00004194. If buying momentum urges, the meme crypto will encounter obstacles around 61.8% FIB retracement area of $0.00004486.Another hurdle will appear at 78.6% FIB retracement at $0.00004902.
If buy orders see a spike, SHIB price might experience further surges beyond the bullish aim of $0.00005435, eyeing higher aspirations around 5 November peak at $0.00006547. Meanwhile, magnified selling momentum might mean SHIB testing the initial defense line at 100-day Simple Moving Average at $0.00003612. More support might emerge near 23.6% FIB retracement area near $0.00003541, then 21-day Simple Moving Average of $0.00003468.
SHIB might secure further support floor at 6 December low of $0.00003269 and 4 December bottom of $0.00002952, matching the prevailing chart pattern’s middle border.
For now, SHIB appears to contemplate an upward journey, targeting a 42% upswing. However, the optimistic target depends on whether Shiba Inu will overcome the $0.0003902 hurdle. As the market tries to enter a full recovery mode, the meme coin might receive the needed support for uptrends. Moreover, analysts believe the 2022 bullish run is on the way, predicting price upswings for most crypto assets.
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