SHIB price is preparing for a major rally as it approaches a major resistance level. If it breaks above $ 0.000039 the coin meme can go up 42%.

SHIB targets $ 0.00054

The SHIB price has formed a descending parallel channel on the daily chart, which indicates an overall bearish outlook. However, with it near the upper bound of a corrective technical pattern, there is potential for a 42 percent rally towards the November 30th high of $ 0.00054.

The first resistance is on the upper trendline of the parallel channel, which coincides with the 38.2% Fib retracement level at $ 0.000039. Only if SHIB manages to break above the above headwinds will a bullish reversal be possible.

Other hurdles will appear on the 50-day SMA Simple Moving Average at $ 0.0000409 and then on the 50% retracement at $ 0.000419. As buying pressure builds, SHIB will face a challenge at the 61.8% fib retracement level at $ 0.0000448 and the 78.6% fib retracement level at $ 0.000049.

If buy orders soar, SHIB price could even beat the bullish target of $ 0.00054 and head towards the November 5th high of $ 0.000065.

SHIB / USDT daily chart. Source: TradingView

However, if selling pressure builds, the price could test the first line of defense on the 100-day SMA at $ 0.0000036. Additional support could come at the 23.6% Fib retracement level at $ 0.0000354 and then the 21-day SMA at $ 0.000346.

Shiba Inu price could gain a foothold at the December 6th low of $ 0.000032 and the December 4th low of $ 0.000029, which coincides with the mid-line of a popular chart pattern.

Here you can see the SHIB prices.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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