Following the emergence of the bullish chart, Shiba Inu bulls are preparing for a significant uptrend. However, to confirm the positive technical pattern, SHIB needs to overcome several challenges ahead. Aiming at $0.00005336, up 51% on the upside, trader Sarah Tran shared a series of critical resistance levels awaiting Shiba bulls on this path.
Shiba Inu has a 51% rise rate
On the daily chart, Shiba Inu price is forming an ascending triangle formation that predicts a 51% increase from the upper trendline of the technical chart towards $0.00005336. Shiba price must surpass a series of resistance levels for a bullish target to be considered. The 38.2% Fibonacci retracement level coinciding with 0.00002561 at the 50-day SMA is the first critical resistance. Further resistance levels could develop at $0.000002826, where the 50% retracement level intersects the 21-day SMA and the 200-day SMA. Therefore, Shiba bulls will attempt to reach the upper border of the pattern at $0.00003468, which coincides with the 78.6% Fibonacci retracement level, before testing the 100-day SMA at $0.000003169. If the Shiba Inu can break the above-mentioned resistance level, the bulls could aim for $0.00005336, up 51%.
On the other hand, if the selling pressure builds up, a retest of $0.0002368 at the lower end of the pattern could be made. Should the pessimistic scenarios continue to rise, the SHIB could decline to the 23.6% Fibonacci retracement level from the $0.0002233 low. If the SHIB falls below this negative trendline, bullish prospects will weaken. Afterwards, the Shiba Inu price could deepen to the low of January 26 at $0.00001990, and then the low of January 22 to $0.00001672. As a result, the analyst thinks the price is on the verge of a major volatility as Shiba has created a bullish chart. If the meme token rises above $0.00003468, the bulls will be aiming for a 51% gain at $0.00005336. However, if the Shiba Inu dips below $0.0002368, the bullish prediction could be cancelled.
At the time of writing, the SHIB/USDT pair is trading at $0.00002272, down 15.47% in the last 24 hours and 25.19% lower than last week.