- 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.
Stay around for more news about the crypto market.