With a bull cycle impending in the four-hour chart, will Shiba Inu give a breakout run to the $0.000020 price level?
With a market cap of $8.52 billion, the
Shiba Inu
meme coin saw an increase of 8.94% last week. As the recovery run in SHIB gains momentum, the uptrend faces a minor hurdle on the four-hour chart.
Will this breakout rally lead to a domino effect and spark a full-scale bull run in Shiba Inu?
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Shiba Inu Teases Triangle Breakout
The four-hour chart indicates that the Shiba Inu price trend is undergoing a recovery rally, but it faces some resistance. A double-bottom reversal from $0.0000130 has propelled the Shiba Inu price upward from a local support trendline.
This recovery run is challenging a confluence of resistance, resulting in a sideways trend. The overhead resistance comprises the 61.80% Fibonacci level, near the $0.000015 psychological mark, along with an overhead resistance trendline.
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Shiba Inu Price Chart
Additionally, the converging resistance and support trendlines create a symmetrical triangle pattern on the four-hour chart. The bullish cycle has surpassed the 50, 100, and 200-day EMAs, resulting in a golden crossover, and the 100 and 200-day EMAs are on the verge of a bullish cross.
Will Shiba Inu Price Hit $0.000020?
The
Shiba Inu
price trend is consolidating above the 50% Fibonacci level at $0.00001427. Currently, it is trading at $0.00001444, with an intraday drop of 0.35% from the opening price of $0.00001448.
The underlying bullish momentum is evident as the four-hour chart’s bull cycle within the symmetrical triangle pattern takes a sideways route. Moreover, the growing RSI divergence suggests a potential bullish comeback, as the negative cycle fails to break the 50-day EMA on the four-hour chart and the 50% Fibonacci level.
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With a potential double-bottom reversal, the Shiba Inu price trend could surpass the overhead resistance trendline. Following a bullish breakout, the Fibonacci levels indicate price targets for Shiba Inu at $0.0000160 and $0.00001727.
Optimistically, an extended bull run in Shiba Inu could target the 1.618 Fibonacci level at the $0.000020 psychological mark; however, this will require support from a broader market recovery.
Conversely, the 50%, 38.20%, and 23.60% Fibonacci levels are crucial support levels at $0.00001427, $0.00001356, and $0.00001229, respectively.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
