{"id":29812,"date":"2023-09-19T10:53:51","date_gmt":"2023-09-19T14:53:51","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=29812"},"modified":"2023-09-19T10:53:51","modified_gmt":"2023-09-19T14:53:51","slug":"shiba-inu-gearing-up-for-a-60-surge-key-indicators-to-watch","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/19\/shiba-inu-gearing-up-for-a-60-surge-key-indicators-to-watch\/","title":{"rendered":"Shiba Inu Gearing Up For A 60% Surge? Key Indicators To Watch"},"content":{"rendered":"

Shiba Inu (SHIB) continues to be in a pivotal make-or-break moment. As described in our last in-depth price analysis<\/a> 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.<\/p>\n

We are talking about a bullish triple bottom that points to a possible end of SHIB\u2019s two-year downtrend and a descending triangle that has been formed for over 13 months, indicating a bearish trend.<\/p>\n

Shiba Inu Price Analysis: Update<\/h2>\n

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\u2019 attack for now and is targeting a rise towards the descending triangle resistance line.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

4-Hour Chart: SHIB\/USD<\/h2>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Shiba Inu (SHIB) continues to be in a pivotal make-or-break moment. As described in our last in-depth price analysis<\/a> 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.<\/p>\n

We are talking about a bullish triple bottom that points to a possible end of SHIB\u2019s two-year downtrend and a descending triangle that has been formed for over 13 months, indicating a bearish trend.<\/p>\n

Shiba Inu Price Analysis: Update<\/h2>\n

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\u2019 attack for now and is targeting a rise towards the descending triangle resistance line.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

4-Hour Chart: SHIB\/USD<\/h2>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-29812","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=29812"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29812\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29812"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}