Briefly-
- SHIB has recorded an astronomical surge as it rallied by more than 200% since 23 October, attaining new ATHs.
- Meanwhile, buyers since target higher levels, Shiba Inu displays another 76% rally.
- The prevailing price chart formation indicated a bullish 400% run after the meme coin rose past its upward trend-line.
Shiba Inu has recorded a spectacular surge of more than 200% since the alt rose beyond the primary bullish tech formation on 23 October. That took the canine-themed crypto to a new ATH of $0.00008825. Shiba Inu targets higher zones as the coin’s chart formation reveal that the asset’s bullish rally isn’t over.
SHIB Still Targets Higher Levels
SHIB touched a new peak after the coin broke past the bull pennant’s resistance trend-line on the daily price chart. The conformist aim by the governing chart formation projects an 80% rise from the trend-lines topside. With that, the meme asset might surge to $0.00005085.
Meanwhile, Shiba Inu bulls exceeded the expectations of buyers. That shows that the optimism by the primary technical formation might be upcoming, confirming a 400% upsurge to $0.00014369. For now, SHIB is halfway high on the path to the bullish aim as the token already gained 200% from the bull pennant’s upper border.
Also read:If bulls extend their actions to incentivize SHIB’s price for higher moves, the asset’s next target will be 127.2% FIB extension at $0.00010617, then the 161.8% FIB extension at $0.00012873 before touching the bullish target near $0.00014369.
SHIB/USDT Daily Price Chart
However, remember that the RSI indicates an overbought condition that might result in a retracement. TRIN, which measures the global market sentiment, also indicates increasing selling activity as sellers lock in profits after the crypto’s remarkable run.
With that, Shiba Inu might correct and consolidate, awaiting a massive upswing in buying momentum. That way, SHIB will secure the nearest support level at 78.6% FIB retracement at $0.00007448, then 61.8% FIB retracement at $0.00006352. Magnified selling pressure might see Shiba Inu dropping to 38.2% ($0.00004813) and 23.6% ($0.00003861) FIB retracements.
An additional foothold might be at the 7 October peak at $0.00003543, coinciding with 21-day SMA.
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