Shiba Inu price on the cusp of a 39% explosion

  • Shiba Inu price could rise to $0.000001679 if the 200-day SMA hurdle is broken.
  • Inverted neckline resistance and head and shoulders may be the only bump between SHIB and the 39% move.
  • The IOMAP gauge reinforces the upside target at $0.00001700, where some investors may be able to empty their bags.

Shiba Inu price is on the frontline for the weekend entry with a daily bullish candle along with other crypto assets like Solana, Binance Coin and Polkadot. SHIB’s trading over the past few days has been somewhat sideways. Conversely, a bullish breakout may be imminent, especially if the coin closes daily above $0.00001220.

Shiba Inu 39% price move is based on an inverse head and shoulders pattern

Shiba Inu price formed an inverse head and shoulders (H&) pattern between May and August, as shown in the chart below. The crucial support at $0.0000740 allowed buyers to regain control on the back of massive losses in May. This buyer congestion area positively affected SHIB but only up to $0.00001220.

As the H&S pattern is very bullish, Shiba Inu price has a good chance of running to $0.00001679 – if it can make a clear break above the neckline. For the time being, buyers should subdue the excess selling pressure shown by the 200-day simple moving average (SMA) on the 12-hour chart.

It will be necessary for the Moving Average Convergence Divergence (MACD) to hold in the same time frame to hold above the middle line as well as maintain the buy signal intact, confirming a strong bullish grip.

SHIB/USD 12-hour chart

On the flip side, the 50-day SMA provides immediate support just above the uptrend line. Therefore, in the event of a bearish reversal, the Shiba Inu price may bounce at a higher low, as long as the trend line is not broken.

From a fundamental perspective, Shiba Inu may exhaust the upside in the region between $0.00001400 and $0.00002100. The IOMAP benchmark on the IntoTheBlock chain reveals that approximately 101,000 titles were previously purchased and approximately 445.9 trillion SHIB tokens are in range.

IOMAP gray

Shiba Inu IOMAP مخطط Chart

Traders preparing to make the most of the Shiba Inu price breakout to $0.00001,679 should consider taking profit at $0.00001400, with the rally continuing until $0.00001700. These targets affect the overall pressure as investors sell at their break-even price points.

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