Shiba Inu (SHIB) To Encounter Multiple Challenges amid 37% Potential Surge

  • Shiba Inu contemplates an upswing towards the prevailing chart pattern’s upper trend-line at $0.00003468.
  • Slicing past the mentioned resistance will reveal an additional 51% climb.
  • A move beneath $0.00002357 will invalidate Shiba Inu’s bullish move.

Shiba Inu (SHIB) might witness a substantial bullish reversal as the alternative coin formed a bullish chart setup. However, the canine-themed crypto will encounter several obstacles before hitting the prevailing chart pattern’s upper line. Nevertheless, a decisive move past this headwind might translate to another 51% surge for SHIB.

Shiba Inu Eyes $0.00003468 Next

Shiba Inu saw its price forming an ascending triangle setup on its daily chart, suggesting a 37% price hike towards the governing technical pattern’s upper trend-line at $0.00003468.

However, the alt may face multiple obstacles before achieving the optimistic goal. The first resistance area will appear at the 50-day SMA at $0.00002595, then 21-day Simple Moving Average at $0.00002679.

Another hurdle might emerge around the 200-day Simple Moving Average near $0.00002826, matching the 50% retracement area. Shiba Inu will encounter another challenge at 100-day Simple Moving Average at $0.00003091, the zone intersecting with 61.8% FIB retracement level.

Meanwhile, the dog coin has to slice past the mentioned resistances to tag the ascending triangle pattern’s upper trend-line at $0.00003468. 78.6% FIB retracement also sits at this value area. Meanwhile, increasing buying momentum to push SHIB past the governing technical pattern’s topside boundary might trigger a 51% upsurge to $0.00005337.

Meanwhile, increased bearish sentiment will see Shiba Inu hitting the support floor at 38.2% FIB retracement zone at $0.00002561. Additional support might appear at the prevailing chart pattern’s lower boundary at $0.00002357. Shiba Inu slicing beneath the trend-line of the primary technical setup will invalidate the bullish narrative.

Furthermore, ugly developments from the Russian-Ukraine conflict might hinder SHIB’s price surges. However, proponents believe crypto will prosper amid a crisis.

Russian residents are increasingly joining the crypto space as the Western stiffens sanctions against the country. Moreover, the Ukrainian government accepts donations in crypto, raising more than $35M so far.

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