Categories: Market

The Shiba Inu Coin Meme is likely to lead the next “altcoin season” as the SHIB price has risen since the beginning of the month. The formation of a bullish pattern on the chart suggests that the SHIB bullish cycle is not over despite the recent consolidation.

SHIB looks ready to break out

Shiba Inu got off to a good start into the fourth quarter of 2021. Dubbed the “Dogecoin Destroyer,” SHIB has rebounded 375% since Oct. 1, hitting a five-month high of $ 0.0000035. Although the surge in profit-taking has slowed the price rise in the past five days, SHIB appears to be aiming for higher highs.

The rise in the first week of October appears to have created the flagpole of a bullish pennant pattern on the Shiba Inu 4-hour chart. Meanwhile, the ongoing consolidation phase could be for the development of the pennant of the pattern.

This bullish pattern predicts that SHIB could rise 77% if the upper trendline of the pennant breaks out at $ 0.000032. A 4 hour candle closing well above this resistance could propel SHIB price towards $ 0.00054.

While the odds appear to be for the bulls, it is wise for market participants to wait for confirmation before entering. A sudden increase in selling pressure could invalidate the positive outlook and instead lead to a steep correction.

The Fib Retracement Indicator, measured from the October 7th high of $ 0.00035 to the low of $ 0.00020 on October 8th, shows that the SHIB must hold above $ 0.000028 for a significant pullback avoid. A break in this key support could cause the price to drop to $ 0.000026 or even retest the October 8th low of $ 0.000020.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to crypto briefing

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

as the SHIB price has risen since the beginning of the month. The formation of a bullish pattern on the chart suggests that the SHIB bullish cycle is not over despite the recent consolidation. as the SHIB price has risen since the beginning of the month. The formation of a bullish pattern on the chart suggests that the SHIB bullish cycle is not over despite the recent consolidation. as the SHIB price has risen since the beginning of the month. The formation of a bullish pattern on the chart suggests that the SHIB bullish cycle is not over despite the recent consolidation. as the SHIB price has risen since the beginning of the month. The formation of a bullish pattern on the chart suggests that the SHIB bullish cycle is not over despite the recent consolidation. as the SHIB price has risen since the beginning of the month. The formation of a bullish pattern on the chart suggests that the SHIB bullish cycle is not over despite the recent consolidation. as the SHIB price has risen since the beginning of the month. The formation of a bullish pattern on the chart suggests that the SHIB bullish cycle is not over despite the recent consolidation. as the SHIB price has risen since the beginning of the month. The formation of a bullish pattern on the chart suggests that the SHIB bullish cycle is not over despite the recent consolidation. as the SHIB price has risen since the beginning of the month. The formation of a bullish pattern on the chart suggests that the SHIB bullish cycle is not over despite the recent consolidation. as the SHIB price has risen since the beginning of the month. The formation of a bullish pattern on the chart suggests that the SHIB bullish cycle is not over despite the recent consolidation. as the SHIB price has risen since the beginning of the month. The formation of a bullish pattern on the chart suggests that the SHIB bullish cycle is not over despite the recent consolidation.
Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Leave a Comment
Share
Published by
Annie
Tags: AltcoinexpectedgainleadseasonSHIB
3 years ago

Recent Posts

Robinhood Exec Dan Gallagher Declines SEC Leadership Role

Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…

9 minutes ago

Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?

Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…

55 minutes ago

Franklin Templeton Digital Assets and Sui Now Join Hands to Strengthen DeFi Strategy

Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.

1 hour ago

Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges

See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…

1 hour ago

Singularity Finance Strikes Strategic Partnerships to Lead the AI and RWA Economy and Expand its Ecosystem

Gros Islet, St. Lucia, 22nd November 2024, Chainwire

2 hours ago

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

3 hours ago

This website uses cookies.