Briefly –
- Shiba Inu seems to prepare a 30% upswing as the meme coin approaches a critical resistance line.
- Rising past $0.00003520 might see an impressive upward release for the coin.
- However, SHIB should battle multiple hurdles before reaching its bullish target.
Shiba Inu’s (SHIB) price has displayed few clues on its directional intentions as the meme coin remains sealed inside downtrends within a descending channel on a high timeframe. Nevertheless, the Dogecoin competitor might be preparing a 30%uptick if SHIB bulls manage to climb beyond a crucial resistance line beyond $0.00003520.
SHIB Price to Overpower Crucial Resistance
The four-hour chart shows Shiba Inu printing a symmetrical triangle formation. That indicates indecisiveness by the dog cryptocurrency. If the alt bulls manage to rise past the primary technical pattern’s upper boundary, the level where 21 4Hr Simple Moving Average and 23% FIB retracement area, SHIB might await a massive upside move.
According to the prevailing chart pattern, SHIB’s correct catalysts will mean a 30% surge for the meme coin, aiming at the parallel channel’s upper border. Nevertheless, the altcoin might encounter another hurdle around the 50 4Hr Simple Moving Average at $0.00003592, matching the channel’s middle boundary.
An additional obstacle might showcase a 38.2% FIB retracement zone of $0.00003878. The level sits around the 100 4Hr SMA and Momentum Reversal Indicator’s resistance line.
Meanwhile, Shiba Inu will face hurdles before attaining its bullish aim. The first obstacle stands as 50% retracement zone at $0.00004166, then 200 4Hr Simple Moving Average near $0.00004372. The other Shiba Inu headwind awaits at the 61.8% FIB retracement level of $0.00004455.
If selling momentum magnifies, SHIB price might secure immediate support at the triangle’s lower boundary at $0.00003358. Additional defense line might showcase around the 6 December low of $0.00003269, then 4 December low, at $0.00002952.
For now, SHIB seems ready for an upswing as the meme cryptocurrency prepares a 30% upsurge. However, Shiba Inu bulls have to overpower the critical obstacle at $0.00003520 for the optimistic move. The canine-themed crypto requires the correct catalysts to attain its upward price target.
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