Cryptocurrency »Shiba Inu (SHIB) must maintain this level of support

Cryptocurrency Shiba Inu (SHIB) price action has failed to galvanize investor enthusiasm as SHIB continues to create lows and lows. Although the momentum for the dog-themed token has turned to the downside, the dominant chart pattern suggests that a slice above $ 0.00004457 could put a 42% surge on the radar.

Shiba Inu Price Expected to Increase 42%

The price of the Shiba Inu cryptocurrency formed a descending wedge pattern on the 12-hour chart, suggesting a bullish outlook for the token. The current technical model indicates that the price of the cryptocurrency SHIB could increase by 42% towards the Fibonacci retracement level of 61.8% at $ 0.00006363 if the price crosses above the upper trend line of the model at $ 0., 000,004,457 USD.

Before the price of the Shiba Inu reaches the aforementioned bullish target, the SHIB has some hurdles to overcome. The first resistance zone of the token is at the SMA-21 simple moving average on the twelve-hour chart at $ 0.00004337, then the SMA-100 at $ 0.00004538, before it faces the upper limit from the chart pattern. dominant at $ 0.00004457 USD.

If the price of the Shiba Inu cryptocurrency manages to overcome the resistances mentioned above, additional hurdles may appear before the token reaches the bullish target. The next hurdles for the SHIB are at the 38.2% Fib retracement level at $ 0.00004819, then the SMA-50 moving average level on the twelve-hour chart at $ 0.00004991, then the retracement level. Fibonacci 50% at $ 0.00005591 USD.

Shiba Inu (SHIB / USDT) 12-hour chart

cryptomonnaie shiba inu shib 27112021

However, if the selling pressure increases, the price of the Shiba Inu cryptocurrency may retest the critical support levels before resuming its uptrend. The first line of defense for the SHIB is at the Fibonacci retracement level of 23.6% at $ 0.00003864 USD. The lower bound of the wedge pattern dipping to $ 0.00003457 would be a crucial foothold for the token, as a break below that level would invalidate the bullish outlook.

If the price of the Shiba Inu cryptocurrency witnesses a catastrophic sell-off, the SHIB could fall further, reaching the SMA-200 moving average on the twelve-hour chart at $ 0.00002695, which is close to the support line given by the impulse reversal indicator (Magnetic Resonance).

By Sarah Tran, FXStreet

Sarah has closely followed the growth of blockchain technology and its adoption since 2016. She worked at a crypto custody and crypto exchange, and prior to writing for FXStreet, she was a writer and content strategist at Blockchain News.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.

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Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.

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