Briefly –
- Shiba Inu (SHIB) prepares for a 20% surge after overcoming its last hurdle.
- The meme coin should rise past the existing chart formation’s neckline around $0.00002946 to rally towards the 7 October peak.
- If the token plunges under $0.00002712, it will dip into consolidation phase one more, extending its sideways trend.
Shiba Inu has its price consolidating as the meme coin sustains sideways actions after witnessing a massive bullish rally earlier in October. SHIB has displayed a buying opportunity as it nears a 20% upswing after a bullish technical formation emerged.
SHIB Awaits a Surge to $0.00003543
According to the four-hour price chart, SHIB has created an inverse head-shoulder formation. The prevalent technical array confirms a 20% uptrend to $0.00003543, its 7 October high. However, Shiba Inu has to rise past the chart pattern’s neckline at $0.00002946. That is the last obstacle that the canine-themed asset has to overcome. Meanwhile, failure to do it will see the meme token extending its sideways trend.
Meanwhile, breaking beyond the plunging resistance trend-line that emerged since 7 October swing high supports the bullish narrative. However, the meme crypto has to overcome two massive obstacles before reaching the optimistic target highlighted above. They are the 13 October high at $0.00003073 and 11 October peak around $0.00003200.
Also, Shiba Inu seems to develop a symmetrical triangle formation, hinting at a 42% upswing. However, the altcoin needs a significant uptrend to hit the target. Though the meme coin broker past the resistance trend-line, it seems to hover near the triangle pattern’s upper trend-line.
Amplified buy orders might witness SHIB slicing beyond the inverse head-shoulder neckline before a 20% uptick surfaces.
Meanwhile, if Shiba Inu sees weakness, flipping its momentum to a downtrend, SHIB might suffer a plunge to the chart pattern shoulder, canceling the bullish case.
SHIB has its first defense line around the descending trend-line, coinciding with the 21 4Hr SMA at $0.00002826. The alt may have another support near the 50 4Hr Simple Moving Average at $0.00002739 before plummeting to $0.00002712 low. If the coin drops under this zone, it might discourage bulls as it plunges towards the symmetric triangle, suggesting extended consolidation.
Increasing selling momentum can have Shiba Inu collapsing towards the 100 4Hr Simple Moving Average at $0.00002626. After that, it may suffer more plummets to tag the climbing support at $0.00002497.
Stay tuned for more updates.
