New Delhi: Shiba Inu bulls have failed to protect the investor’s enthusiasm as the meme coin is registering lower lows and lower highs. Self-claimed DOGEKILLER has seen a massive drop in November. Not only money but SHIB has also lost the interest of potential investors. As per experts, Shiba Inu has dropped 60% in value since its October All-Time High and it is also being observed that SHIB has also lost its social media interest by 29% in the last week.
After losing this much there is still hope left for the coin as the charts depict, a breakthrough above $0.00004457 can give SHIB a chance to surge by 42%.
As per analysts, SHIB has formed a falling wedge pattern on the 12-hour chart which suggests a bullish trend for the coin. The technical pattern indicates that Shiba Inu has the potential chance to jump by 42% towards 61.8% Fibonacci retracement level at $0.000063 if the coin can break the barrier at $0.00004457.
It looks like Shiba Inu has few barriers to break as the first phase of resistance for the coin is signaled at the 21 twelve-hour Simple Moving Average which is at the price level of $0.00004337 and then at the 100 twelve-hour SMA at $0.00004538. These will be the first barriers to break before it goes up to the upper boundary as per the chart pattern at $0.00004457.
Fight to surge and break the resistance does not end here as the additional hurdles can emerge before SHIB reaches its bullish target. The emerging barriers are placed at 38.2% Fibonacci retracement level at $0.00004819, 50 twelve-hour SMA at $0.00004991, and then at the 50% retracement level at $0.00005591.
There are chances that Shiba Inu can go down to retest the critical support levels if the selling pressure increases. The first in the line of defense for Shiba Inu will be 23.6% Fibonacci retracement level at $0.00003864. Breaking the crucial support of the $0.00003457 price level will invalidate the bullish outlook.
This move can signal a major sell-off and SHIB can fall further to the price level at $0.00002695
