Shiba Inu prices are on the cusp of a 42 percent surge as SHIB bulls prepare for a spectacular breakout.
Shiba Inu price is preparing for a large increase as the token approaches a major region of resistance.
If SHIB rises beyond $0.00003902, the dog-themed currency might rise by 42 percent.
However, Shiba Inu may encounter several challenges in the future.
Shiba Inu prices are poised for a substantial rise as they approach a critical line of resistance. If SHIB rises beyond $0.00003902, the canine-themed cryptocurrency might rise 42 percent.
Shiba Inu prices are expected to reach $0.00005435 in the near future.
On the daily chart, the Shiba Inu price has formed a falling parallel channel, indicating an overall negative view. However, because SHIB is approaching the upper border of the ruling technical pattern, the token might be on track for a 42 percent rally to the November 30 high of $0.00005435.
The initial place of resistance for Shiba Inu price is at the parallel channel’s topside trend line, which coincides with the 38.2 percent Fibonacci retracement level at $0.00003902. The dog-themed coin will only reach the bullish goal if SHIB manages to break above the aforementioned headwind.
Shiba Inu price will face new challenges at the 50-day Simple Moving Average (SMA) of $0.00004099, followed by the 50 percent retracement level of $0.00004194. If purchasing pressure builds, SHIB will meet resistance at the 61.8 percent Fibonacci retracement level of $0.00004486 and the 78.6 percent Fibonacci retracement level of $0.00004902.
If there is a surge in purchase orders, the Shiba Inu price may potentially break through the optimistic objective of $0.00005435 and strive for the November 5 high of $0.00006547.
If selling pressure develops, the Shiba Inu price may challenge the first line of defense at the 100-day simple moving average (SMA) of $0.00003612. Additional support might be found at the 23.6 percent Fibonacci retracement level at $0.00003541, followed by the 21-day SMA at $0.00003468.
Shiba Inu price may find more support at the December 6 low of $0.00003269 and the December 4 low of $0.00002952, which coincide with the center border of the prevailing chart pattern.