Home Latest News Shiba Inu Price Prediction: SHIB bulls poised for 44% upswing – FXStreet

Shiba Inu Price Prediction: SHIB bulls poised for 44% upswing – FXStreet

Sarah Tran Sarah Tran
Independent Analyst

Shiba Inu price has formed a bullish chart pattern, suggesting an optimistic outlook for the canine-themed token. If SHIB slices above $0.00003628, the coin could be headed for a 44% ascent, a target given by the prevailing chart pattern. 
Shiba Inu price has formed an inverse head-and-shoulders pattern on the 12-hour chart, projecting a 44% upswing toward $0.00005336. Investors should note that the bullish target would only be put on the radar if SHIB slices above the neckline of the prevailing chart pattern at $0.00003628.
The first line of resistance will emerge at the 200 twelve-hour Simple Moving Average (SMA) at $0.00003384, then at the 78.6% Fibonacci retracement level at $0.00003468. If buying pressure continues to increase, SHIB may tag the neckline of the governing technical pattern at $0.00003628.
Only if Shiba Inu price slices above the aforementioned neckline of the prevailing chart pattern could see SHIB target the optimistic forecast at $0.00005336. 
Additional headwinds may emerge at the December 27 high at $0.00003949, then at the 127.2% Fibonacci extension level at $0.00004560. If Shiba Inu price breaks above the November 20 high at $0.00005000, SHIB could tag the bullish target at $0.00005336, coinciding with the 161.8% Fibonacci extension level.
SHIB
SHIB/USDT 12-hour chart
If selling pressure increases, Shiba Inu price will fall toward the immediate line of defense at the 61.8% Fibonacci retracement level at $0.00003091. SHIB will discover another foothold at the 50% retracement level at $0.00002826, coinciding with the 100 twelve-hour SMA. However,  dropping below this level will invalidate the bullish outlook. 
If a spike in sell orders occurs, Shiba Inu price could fall toward the 50 twelve-hour SMA at $0.00002561, which intersects with the 38.2% Fibonacci retracement level. SHIB could drop toward the 23.6% Fibonacci retracement level at $0.00002233 next if bearish sentiment increases.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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