Shiba Inu gets ready for upside trend; price favors to gain 10% likely

New Delhi: The year 2021 came termed as the year of the altcoins as many tokens other than Bitcoin grew to popularity and gave investors a hefty profit. DOGE and SHIB came out to be the most famous and trendiest cryptocurrency in the world of finance.

The dog-theme crypto coin Shiba even launched a petition to list the coin on Robinhood(crypto trading platform) and somehow the community managed to get over 130,000 signatures till June this year.

SHIB saw a spike on September 16 and shed its all gain in few days. The investors are waiting for a breakout from here but Shiba Inu continued to contract and cause frustration for bulls and bears.

As per the experts, SHIB has been creating a pennant since September 24 and it looks like that it is ready to break upside from here as the bulls are defending the black ascending trend line in the pattern. Going upward bulls will face resistance around $0.00000760 and if it manages to break out with the momentum it can go further to $0.00000800.

Shiba Inu is forming a pennant-type pattern that looks to breakout. Breakout from here can get some quick profit but it will have to face some resistance around $0.00000760.

As per analysts, The monthly pivot is hovering in that area together with both long and short-term ascending trend lines. A look at the 55-day Simple Moving Average will give the scenario of an extensive belt of resistances piled up near one another making it hard for the bull to make a breakthrough in one go.

Ascending trend line depicts that bulls are building a proper momentum from here and patterns do not look to form a bull trap from here.

A breakout from here will build momentum from here an pushed attempt on $0.00000760 will do the trick. If bulls can maintain the momentum it can go further to touch the $0.00000800 mark.