- SHIB’s price seems ready to launch a 46% upswing as the meme coin approaches the primary technical pattern’s upper border.
- Slicing past $0.00003214 will see bulls eyeing $0.00004693.
- Nevertheless, Shiba Inu may encounter many challenging hurdles ahead.
Shiba Inu (SHIB) prepares a substantial breakout as the meme token nears a critical resistance level. If the alternative coin manages to surge past one critical obstacle, it might experience a 46% surge to $0.00004693.
SHIB Bulls Target Breakout
Shiba Inu has printed a plunging wedge setup on the twelve-hour chart, confirming a bullish forecast. If the meme token surges past the prevailing chart pattern’s upper border at $0.00003214, it may witness a 46% increase towards $0.00004693.
The momentum Reversal Indicator has displayed a 2nd successive bottom gesture, showing SHIB price awaits reversals. The Dogecoin competitor will encounter its first obstacle at 50 12hr SMA at $0.000003296, then the MRI’s resistance level at $0.00003417.
Additional obstacles might appear at 100 12hr Simple Moving Average at $0.000003509 before the meme token near 38.2% IB retracement zone at $0.00003638. Increased selling momentum might propel Shiba Inu towards a 50% retracement area of $0.00003981, corresponding with a 200 12hr Simple Moving Average.
The final headwind will showcase a 61.8% FIB retracement zone at $0.00004324 before AHIB approaches the $0.00004693 optimistic target. Higher aspiration plus surged buy order might incentivize Shiba Inu bulls to eye 78.6% FIB retracement area at $0.00004813.
Meanwhile, magnified selling momentum might see the meme token sliding lower in the prevailing chart setup, tagging the closest support zone at 21 12hr Simple Moving Average at $0.00002993. More footing might emerge near the 4 December low of $0.00002944, then the 5 January low around $0.00002848.
The ongoing bullish wave in the global crypto market has alternative tokens targeting massive upswings. Shiba Inu bulls contemplate a whopping 46% gain. The meme coin may take advantage of the positive sentiment in the financial space for its higher aspiration.
Nevertheless, obstacles seem to confront digital assets on their upward moves. A sudden shift in broad market outlook might see SHIB weakening.
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