Shiba Inu Gearing Up For A 60% Surge? Key Indicators To Watch

Name	Symbol	Market	Market Cap ($)	Algorithm
Mina	MINAUSD	Crypto	440,560,791	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Mina

MINAUSD

Crypto

440,560,791

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.013	-3.02%	0.417	0.417	0.419

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.013

-3.02%

0.417

0.419

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.441	0.415	0.429	0.430	0.329000 - 1.73

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.441

0.415

0.429

0.430

0.329000 - 1.73

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:48:14	352.52	0.418	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:48:14

352.52

0.418

USD

Price x Volume	Volume	Base Symbol	Related Pairs
595,053.60	1,378,364.48	MINA	MINAEUR	MINAGBP	MINABTC

Price x Volume

Volume

Base Symbol

Related Pairs

595,053.60

1,378,364.48

Shiba Inu Gearing Up For A 60% Surge? Key Indicators To Watch

19/09/2023 11:30am

NEWSBTC

Shiba Inu (SHIB) continues to be in a pivotal make-or-break moment. As described in our last in-depth price analysis of SHIB, two chart patterns on the 1-week chart could continue to determine the future of SHIB price, and their outlooks could not be more different. We are talking about a bullish triple bottom that points to a possible end of SHIB’s two-year downtrend and a descending triangle that has been formed for over 13 months, indicating a bearish trend. Shiba Inu Price Analysis: Update At the moment, the bulls seem to have the upper hand. SHIB was trading at $0.00000741 at press time and managed a weekly close above the crucial support line of $0.00000715 on Sunday evening. With this, SHIB may have fended off the bears’ attack for now and is targeting a rise towards the descending triangle resistance line. The possibility of a validation of the triple bottom, a bullish chart pattern, thus remains. The chart pattern is characterized by three lows at roughly the same level, bouncing off a support level and culminating in a breakout above resistance. Related Reading: These Countries Are Picking Shiba Inu Over Dogecoin And Cardano However, the bulls remain vulnerable. If the SHIB price falls below the $0.00000715 support level, it could confirm the descending triangle and potentially push SHIB towards its year-to-date low of $0.000006. A break of this level could plunge SHIB into uncharted waters and make a new all-time low a grim possibility. On the way up, key resistances include $0.00000880 (23.6% Fibonacci), the descending triangle trendline at around $0.0000095 and $0.00001, $0.00001053 (38.6% Fibonacci), $0.00001193 (50% Fibonacci), and $0.00001332 (61.8% Fibonacci). As then, the August 2022 high at $0.00001784 could be extremely important resistance. 4-Hour Chart: SHIB/USD In the shorter timeframes, such as the 4-hour chart, we can see that the bulls cannot yet feel secure (yet). SHIB is currently stuck in the trading range between $0.00000688 (78.6% Fibonacci) and $0.00000797 (61.8% Fibonacci). After briefly falling into oversold territory (below 30) on September 11, the RSI has now risen to 42. However, this metric also shows that sentiment remains subdued. Related Reading: Shiba Inu Hits Make-Or-Break Price: 250% Rally Or New All-Time Low? SHIB price urgently needs to break above the 20-day EMA at $0.00000759 on the daily close to generate fresh bullish momentum. Then, resistance at the 61.8% Fibonacci retracement level ($0.00000797) would come into focus. The crossing of this resistance can be seen as a bullish confirmation in the shorter time frames. Next price targets would then be the 50% Fibonacci retracement at $0.00000873, the 200-day EMA at $0.00000897, the 38.2% Fibonacci retracement at $0.00000949, and the 23.6% Fibonacci retracement at $0.00001043 before the yearly high at $0.00001596 would be within reach. A rise to this price level would mean a 60% rally for Shiba Inu buyers at the current price. Featured image from Victor Otero / Unsplash, chart from TradingView.com

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