Shiba Inu Consolidation Forms a Triangle Pattern, Aiming $0.000020
The market capitalization of the Shiba Inu meme coin currently stands at $8.52 billion, with an 8.94% increase in the past week. The ongoing upward momentum in SHIB is facing resistance on the four-hour chart.
SHIB Triangle Breakout
The four-hour chart indicates that the Shiba Inu price is undergoing a recovery rally but is encountering resistance. A double-bottom reversal from a certain level has driven the price upwards from a local support trendline.
The current upward movement is facing combined resistance, resulting in a sideways trend. This resistance includes the 61.80% Fibonacci level, close to the psychological mark of a certain value, along with an upper resistance trendline.
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Additionally, the converging resistance and support trendlines are forming a symmetrical triangle pattern on the four-hour chart. The bullish cycle has crossed the 50, 100, and 200-day EMAs, leading to a golden crossover, and the 100 and 200-day EMAs are on the verge of a bullish cross.
SHIB Race to $0.000020
The Shiba Inu price is consolidating above the 50% Fibonacci level at a certain value and is currently trading at a certain value, with an intraday decline of 0.35% from the opening price as per coinmarketcap.
The underlying bullish momentum is evident as the symmetrical triangle pattern in the four-hour chart follows a sideways trajectory. Additionally, the growing RSI divergence indicates a potential bullish recovery as the negative cycle fails to breach the 50-day EMA on the four-hour chart and the 50% Fibonacci level.
With a potential double-bottom reversal, the Shiba Inu price could surpass the upper resistance trendline. Following a bullish breakout, the Fibonacci levels indicate price targets for Shiba Inu at certain values.
In an optimistic scenario, an extended bullish trend in Shiba Inu could target the 1.618 Fibonacci level at a certain psychological mark; however, this would require support from a broader market recovery.
Conversely, the 50%, 38.20%, and 23.60% Fibonacci levels are critical support levels at certain values, certain values, and certain values, respectively.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
