By Franklin Smith
Briefly-
- Shiba Inu suffers as the meme crypto tries to recover due to multiple resistances.
- If SHIB overpowers these critical resistances, the crypto will witness an explosive surge.
- The primary chart formation indicates that the dog coin is ready to bounce towards $0.00011465.
Shiba Inu seems to lose momentum as the meme crypto consolidates after the tremendous surge experienced during late October sessions. However, SHIB might be preparing for a massive rally. If the asset clears some hurdles, it will rise, tagging $0.00011465.
Shiba Inu Ready for 66% Upswing
Shiba Inu has created a continuous bullish pattern according to the four-hour price chart. That suggests that the crypto will experience a significant rally after the crypto overcomes various awaiting resistance. So, is the coin consolidating to gather momentum for a massive upswing?
SHIB displays a bullish flag formation, as bulls eye a 66% surge to $0.0001114. Meanwhile, SHIB retested the governing technical pattern’s bottom border recently. With that, the crypto created a lower low after the massive climb that printed the pattern’s flag pole.
As revealed earlier, crypto has to overpower multiple hurdles. The initial challenge awaiting SHIB before attaining its optimistic aim is near the prevailing chart formation’s middle border at $0.00006020. SHIB’s other obstacles stand around 61.8% FIB retracement at $0.00006352.
The stiffer obstacle might appear at $0.00006782, where 21- and 50- 4hr SMAs intersect. Other roadblocks might emerge at the bull flag’s top border at $0.00006933, then 78.6% FIB retracement at $0.00007448, matching with Momentum Reversal Indicator’s resistance line.
The Arms Index, which measures market sentiment, shows that buyers in the marketplace exceed sellers. That supports Shiba Inu’s recovery in the upcoming trading sessions.
However, If Shiba Inu bulls lack the momentum to challenge the obstacles, the altcoin might plunge to the 50% FIB retracement at $0.000005583, the first defense line as selling strength surges. Amplifies activity by sellers might see SHIB retesting the chart pattern’s lower border at $0.00005151. With that, it might slide further, tagging 100 4hr Simple Moving Average at $0.00005048. That way, market participants can forget about the bullish narrative as they prepare for more plummets.