Shiba Inu (SHIB) surged past the resistance level of $0.000030 on December 1, completing the inverse head and shoulders pattern.
SHIB/USDT daily chart | Source: TradingView
If buyers keep the price above $0.000030, the SHIB/USDT pair could rise to $0.000039. This level may face strong resistance, but if surpassed, the pair could continue to rise to the pattern target at $0.000047.
Conversely, if the price fails to maintain above $0.000030, this would suggest that the price increase was just a bull trap. At that point, the price could drop down to the 20-day EMA ($0.000025), where buying is expected to pick up.
The pair closed above the resistance level of $0.000030 on the 4-hour chart, but sellers are not easily giving up. They will attempt to pull the price back below the breakout level. If they can do so, the pair could collapse down to the EMA 20 line.
SHIB/USDT 4-hour chart | Source: TradingView
On the 4-hour chart, the price closed above the resistance level of $0.000030, but bears are not easily giving up. If the price drops below this level, the SHIB/USDT pair could decline to the EMA 20 line.
Conversely, if the price maintains above $0.000030, this indicates that this level will become new support, with the next target being $0.000035 and then $0.000039.