Shiba Inu (SHIB) Targets 9% Upswing, but Obstacles Confront Bulls

Briefly –

  • SHIB appears to wait for a near-term price recovery, though the existing technical pattern indicates indecision.
  • Shiba Inu showcases a bottom sign at a critical support level, suggesting trend reversals.
  • However, the meme coin has to overpower multiple obstacles to registers the 9% uptrend.

At the moment, Shiba Inu (SHIB) shows a technical formation that translates to price indecision. However, the canine-themed asset might be aiming for a 9% surge as it hovers around a crucial turning point. If the altcoin manages to keep this level, SHIB may witness a near-term recovery.

SHIB Presents Bottom Sign at Crucial Zone

Shiba Inu sees its price sealed inside a symmetrical triangle formation amid indecision. While writing this article, SHIB trades around the lower border of the overriding chart pattern, which serves as a crucial defense line for Shiba Inu.

The asset will have to extend its efforts to maintain over the plunging trend-line of the symmetrical triangle at the 38.3% Fib extension and $0.00000621 to give SHIB hopes for a potential surge.

With that, bulls might aim the top angle of the existing price chart pattern around 78.6% Fib extension at $0.00000674. The MRI (Momentum Reversal Indicator) showed a bottom gesture as SHIB tagged the pattern’s lower border, confirming the bullish narrative.

Meanwhile, lots of obstacles await SHIB’s price before it can reveal the anticipated recovery. The initial two resistance levels, the 100 four-Hr SMA and the 50 four-Hr SMA look close.

However, if Shiba Inu manages to clear the resistance zones mentioned earlier, SHIB might tag $0.00000653 and 61.8% Fib extension. The meme crypto will have to close over this level for SHIB to aim at $0.00000675 and 78.6% Fib extension.

If the possible upside moves retreats, SHIB might risk a 19% plunge. That is according to the leading chart pattern.

The altcoin will require significant support at $0.00000606 and 27.2% Fib extension before declining towards the demand area between $0.00000582 and $0.00000606. However, the 19% drop will only happen if SHIB breaches the supports highlighted earlier.

Though Shiba Inu (SHIB) shows recovery chances, bulls need to overcome various obstacles to register the anticipated upswings.

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