Shiba Inu price could be headed for a big bullish reversal after the formation of a bullish chart pattern. Shiba Inu will face several difficult obstacles before reaching the upper limit of the prevailing chart pattern. However, the truth is that we expect scensos of up to 51% on the radar.
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Shiba Inu price has formed an ascending triangle pattern on the daily chart, projecting a 37% rise towards the upper bound of the ruling technical pattern towards $0.00003468. Shiba Inu price may face several hurdles before marking the optimistic target. The first resistance area will emerge at the 50-day SMA at $0.00002595.
Real-time chart of Shiba Inu cryptocurrency quotes over a period of one month
An additional headwind may appear taking Shiba Inu to $0.00002826, coinciding with the 50% retracement level. Shiba Inu price will face another hurdle at $0.00003091, intersecting the 61.8% Fibonacci retracement level. Only if the Shiba Inu price manages to break above the aforementioned resistances, the Shiba Inu would tag the upper bound of the ascending triangle pattern at $0.00003468, where the 78.6% Fibonacci retracement level is also located.
Investors should note that if buying pressure continues to build and Shiba Inu price breaks above the upper trendline of the ruling technical pattern, a 51% rally towards $0.00005337 would be put on the radar.