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Shiba Inu Gearing Up For A 60% Surge? Key Indicators To Watch
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Shiba Inu Gearing Up For A 60% Surge? Key Indicators To Watch

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Shiba Inu SHIB price

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

We are talking about a bullish triple bottom that points to a possible end of SHIB’s two-year downtrend and a descending triangle that has been formed for over 13 months, indicating a bearish trend.

Shiba Inu Price Analysis: Update

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’ attack for now and is targeting a rise towards the descending triangle resistance line.

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.

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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.

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.

Shiba Inu price
SHIB price, 1-week chart | Source: SHIBUSD on TradingView.com

4-Hour Chart: SHIB/USD

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.

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1 year ago

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.

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.

Shiba Inu price
SHIB price , 4-hour chart | Source: SHIBUSD on TradingView.com
Featured image from Victor Otero / Unsplash, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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