Shiba Inu Could Rally 70% Following Consolidation Period

Shiba Inu could soon resume its uptrend as the asset moves closer to a breakout point.

Key Takeaways

  • Shiba Inu consolidates in a tight range, seemingly edging closer to a breakout.
  • A spike in buying pressure could push SHIB into a 77% bull run.
  • Still, the $0.000028 support level must hold to avoid a potential spike in profit-taking.

Meme coin Shiba Inu appears to be leading the next “alt season” as its price has risen since the beginning of the month. The formation of a bullish pattern on its price chart suggests that SHIB’s bull run is not over yet despite the recent consolidation period. 

Shiba Inu Looks Poised to Break Out

Shiba Inu has kicked off Q4 2021 on the right foot. The so-called “Dogecoin killer” has risen by 375% since Oct. 1, reaching a five-month high of $0.000035. Although a spike in profit-taking has kept prices from soaring in the past five days, it appears that SHIB is primed for higher highs.   

The sudden upward impulse seen during the first week of October appears to have created the flagpole of a bullish pennant formation on Shiba Inu’s four-hour chart. Meanwhile, the ongoing consolidation period could be developing the pattern’s pennant. 

This bullish continuation pattern anticipates that Shiba Inu could advance another 77% upon breaking the pennant’s upper trendline at $0.000032. A decisive four-hour candlestick close above this resistance barrier could push SHIB’s market value toward $0.000054.

Shiba Inu US dollar price chart
Source: TradingView

Although the odds appear to be favoring the bulls, it would be prudent for market participants to wait for confirmation before entering any trades. A sudden increase in selling pressure could invalidate the optimistic outlook and lead to a steep correction instead. 

The Fibonacci retracement indicator, measured from the $0.000035 high of Oct. 7 to the $0.000020 low of Oct. 8, suggests Shiba Inu must hold above $0.000028 to avoid a significant pullback. Breaching this crucial support level could see SHIB fall to $0.000026 or even retest the Oct. 8 swing low of $0.000020.

Phemex's logo

This news was brought to you by Phemex, our preferred Derivatives Partner.

Phemex

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Dog Coin Shiba Inu Meets Resistance After 200% Rally

Shiba Inu has posted a major rally over the last week. Now, SHIB appears to have reached a massive supply barrier that may slow down its uptrend.    Shiba Inu…

Efficient Market Hypothesis: Does Crypto Follow?

The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the…

Shiba Inu Primed to Run Following Coinbase Pro Listing

Shiba Inu has enjoyed a rally after Coinbase Pro revealed it would list the token on its platform. SHIB has surged by 47%. Shiba Inu Listed on Coinbase Pro Meme…

Vitalik Buterin Burns 41% Supply of “Dog Token” Shiba Inu

After sending $1 billion worth of SHIB to India’s COVID-19 relief fund last week, Vitalik Buterin has burned 41% of the token’s circulating supply.  Vitalik Buterin Burns SHIB Supply  Vitalik…

Read More

Written by 

Leave a Reply

Your email address will not be published. Required fields are marked *