New Delhi: Shiba Inu’s price is still in the consolidation period but it’s still following the bull run from earlier this month. Experts believe that there this is still the buying opportunity as it is edging closer to a 25% upward rally from here.
It is expected that SHIB will now march towards the $0.00003543 price level as it has formed an inverse head-and-shoulders pattern on the last 4-hour chart. As per the technical pattern it is expected that SHIB will break out towards $0.00003543 from here.
The thing which is adding to this bullish outlook is the break above the descending resistance trend line which has been formed since the swing high on October 7. However, the two main hurdles between this rally will be $0.00003073 and $0.00003200.
As per the analysts, SHIB is also forming a symmetrical triangle pattern which can lead it to a 42% rally if it makes a decisive upward swing. Right now SHIB is hovering around the topside trend line of the triangle pattern.
A huge buying session can lead SHIB to slice above the inverse head-and-shoulders neckline and prepare for a 20% upward swing.
Avoiding the Bullish scenario, If Shiba Inu fails to breakout and its momentum flip then the price could drop downwards, and the first in the line of barrier to avoid this will be $0.00002826. Additional support can be seen at 50 four-hour SMA at the $0.00002739 price level.
A selling pressure can drag Shiba towards the 100 four-hour SMA at $0.00002626 before dropping further.
