CRYPTO: Shiba Inu could see 40% hike if these conditions are met

Shiba Inu could see 40% hike if these conditions are met

Shiba Inu was gearing up for a run up to its ATH of $0.0000350, with its price movement taking shape within a symmetrical triangle. However, there were some tailwinds present in the near-term in the form a weakening RSI and MACD.

Bulls had to ensure SHIB trades above $0.00002757 in order to flush out selling pressure and trigger a break to the upside. At the time of writing, SHIB traded at $0.00002828, down by 3.4% over the last 24 hours.

SHIB 4-hour Chart

Source: SHIB/USD, TradingView

The formation of a symmetrical triangle presented massive upside for Shiba Inu. Based on the highs and lows within the pattern, SHIB eyed a 40% hike from the breakout point, which would set the alt onward to $0.000040. However, SHIB did need to meet a few conditions before witnessing the projected hike.

First, SHIB has to overtake 11 October’s swing high of $0.00003209 on strong volumes. Bulls then have to negotiate past a bearish double top at $0.00003462 with conviction in order to fully capitalize on its bullish setup.

On the other hand, an immediate rejection at $0.00003202 could bring in some near-term selling pressure which would shine light on $0.00002757 and $0.0000255 support levels. A breakdown could even extend all the way to $0.00002047 if the broader market fails to inject any bullish sentiment.


SHIB’s Relative Strength Index has been on a steady decline since the first week of October. Now if the RSI stays afloat above 50-55, the remaining sell pressure can be flushed out of the market. This would heighten chances of an upwards breakout.

However, expect a break in the opposite direction if the RSI weakens below 45. Similarly, bulls would need to prevent the MACD from closing below the half-line as this could invite some additional downwards pressure.


Before attempting a northbound breakout from its triangle, bulls had to ensure SHIB does not close below its immediate support line of $0.00002757. In order to climb above the $0.0000400-mark, SHIB would need to maintain strong volumes while overtaking key areas mentioned above.

This article was first written on

Click Here To Drop Your Comment



No Comment Yet

Comments are closed.