đđđ #Shibalnu Consolidation in a Triangle Signals Bullish Breakout to $0.000020
Shiba Inu Posts 8.94% Weekly Gain Amid Recovery Rally
- Shiba Inu ($SHIB ) has experienced an 8.94% increase over the past week, reaching a market cap of $8.52 billion as its recovery rally gains momentum. However, the price is facing resistance on the four-hour chart, raising the question of whether this breakout could lead to a broader bull run.
Triangle Breakout on the Horizon
- The four-hour chart indicates that Shiba Inu is in a recovery phase, forming a double-bottom reversal from $0.0000130, which has driven the price upward from a local support trendline. The current rally is testing a confluence of resistance levels, resulting in sideways price movement.
- Key resistance includes the 61.80% Fibonacci level near the psychological barrier of $0.000015 and an upper resistance trendline.
Shiba Inu Price Analysis
- A symmetrical triangle pattern has formed due to the convergence of resistance and support trendlines on the four-hour chart. The bullish trend has surpassed the 50, 100, and 200-day EMAs, indicating a golden crossover, with the 100 and 200-day EMAs approaching a bullish cross.
- Currently, Shiba Inu is consolidating above the 50% Fibonacci level at $0.00001427, trading at $0.00001444, reflecting a slight intraday decline of 0.35% from its opening price of $0.00001448. Despite this, the underlying bullish momentum persists as the price navigates the symmetrical triangle pattern, with a growing RSI divergence suggesting a potential bullish resurgence.
Price Targets for Shiba Inu
- If Shiba Inu breaks above the resistance trendline, Fibonacci levels suggest price targets of $0.0000160 and $0.00001727. In an optimistic scenario, a broader market recovery could drive SHIB to the 1.618 Fibonacci level at $0.000020.
- Conversely, critical support levels are found at the 50%, 38.20%, and 23.60% Fibonacci levels, located at $0.00001427, $0.00001356, and $0.00001229, respectively.
Source - thecryptobasic.com
