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%.
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.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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.
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
The Coinbase class action lawsuit, echoing a previous case against the exchange, accuses it of…
Tether's CEO, Paolo Ardoino, highlights discrepancies in the Bitfinex data breach, revealing that only a…
Bitfinex data leak allegedly by FSOCIETY includes 2.5TB of exchange data and 400K users' details.…
According to Parsec, Friend Tech v2's launch disappointed many, with 95% users unable to claim…
The legal debate over Ethereum classification intensifies as Consensys sues SEC for regulatory overreach.
Bitcoin ETF inflow witnessed a significant surge on May 3, signaling a potential shift in…
This website uses cookies.