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.

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Annie

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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.

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