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SHIB price is preparing for a significant rally as it approaches a key resistance level. If it breaks above $0.000039, the coin meme can increase by 42%.
SHIB targets $0.000054
SHIB price has formed a descending parallel channel on the daily chart, indicating an overall bearish outlook. However, as it is near the upper boundary of a corrective technical pattern, there is a potential for a 42% rally towards the Nov. 30 high of $0.000054.
The first resistance is at the top trendline of the parallel channel, which coincides with the 38.2% Fib retracement level at $0.000039. Only when SHIB manages to break above the aforementioned headwind will a bullish reversal be possible.
Other hurdles will emerge at the 50-day SMA Simple Moving Average at $0.0000409, then at the 50% retracement at $0.000419. If buying pressure increases, SHIB will face a challenge at the 61.8% Fib retracement level at $0.0000448 and the 78.6% Fib retracement level at $0.000049.
If buy orders spike, SHIB price might even surpass the bullish target at $0.000054 and head towards the Nov. 5 high of $0.000065.
SHIB/USDT Daily Chart. Source: TradingView
However, if selling pressure increases, the price could test the first line of defense at the 100-day SMA at $0.000036. Additional support may emerge at the 23.6% Fib retracement level at $0.0000354, then at the 21-day SMA at $0.000346.
The Shiba Inu price could explore more footholds at the December 6 low at $0.000032 and the December 4 low at $0.000029, which coincides with the middle boundary of a popular chart pattern.
You can see SHIB prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Annie
Theo Fxstreet
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