Will Shiba Inu Reach $0.000020? Key Trends and Patterns Explained

Shiba Inu (SHIB) currently consolidates in a symmetrical triangle pattern on the four-hour chart. This pattern indicates a potential bullish breakout. Recently, the meme coin increased its market cap by 8.94%, reaching $8.52 billion.

Building Bullish Momentum

The price of SHIB formed a double-bottom reversal at $0.0000130. This reversal propelled the price upward from a local support trendline. However, the recovery run now faces resistance from multiple levels. Specifically, the 61.80% Fibonacci level near $0.000015 and an overhead resistance trendline create hurdles for further gains.

*Shiba Inu Price Analysis. Source| TradingView*

Moreover, the bullish cycle has surpassed key moving averages, including the 50, 100, and 200-day EMAs. This situation resulted in a golden crossover, signaling strong bullish momentum. Additionally, the 100 and 200-day EMAs are on the verge of crossing bullishly, further supporting the upward trend.

Analyzing Price Targets and Support Levels

Currently, SHIB trades at $0.00001444, experiencing a slight intraday drop of 0.35% from its opening price of $0.00001448. The price trend consolidates above the 50% Fibonacci level at $0.00001427, indicating underlying strength.

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If SHIB breaks out of its current resistance, Fibonacci levels suggest potential price targets of $0.0000160 and $0.00001727. Optimistically, an extended bull run could push prices toward the psychological mark of $0.000020. However, achieving this target will require support from broader market conditions.

Conversely, key support levels exist at the 50%, 38.20%, and 23.60% Fibonacci levels, which are set at $0.00001427, $0.00001356, and $0.00001229 respectively. These levels will play a crucial role in determining SHIB’s ability to maintain upward momentum.

In conclusion, Shiba Inu’s consolidation within a symmetrical triangle pattern suggests a strong potential for a bullish breakout. With increasing bullish momentum and favorable technical indicators, SHIB could reach the $0.000020 level if market conditions remain supportive. Investors should closely monitor these developments as they unfold in the coming days.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.