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The price of Shiba Inu may make a significant bullish reversal after the formation of a bullish pattern on the chart. Before reaching the upper limit of the prevailing chart pattern, SHIB will face several major obstacles. However, the current picture points to a possible upside of 51%.
On the daily chart, the price of Shiba Inu has formed an ascending triangle pattern, suggesting a 37% uptrend to the upper boundary of the governing technical pattern to $0.00003468.
The price of SHIB may encounter several hurdles before hitting the bullish target. The first area of resistance will appear at the 50-day Simple Moving Average (SMA) at $0.00002595, followed by the 21-day SMA at $0.00002679.
A headwind could also appear at the 200-day SMA at $0.00002826, coinciding with the 50% retracement level.
Shiba Inu price will face another hurdle at the 100-day SMA at $0.00003091, crossing the 61.8% Fibonacci retracement level.
If the price of Shiba Inu manages to rise above the mentioned resistances, SHIB will mark the upper boundary of the ascending triangle pattern at $0.00003468, where the 78.6% Fibonacci retracement level also resides.
Investors should be aware that if buying pressure continues to build and Shiba Inu price breaks above the upper trend line of the governing technical pattern, a 51% gain to $0.00005337 could be on the radar.
If bearish sentiment picks up, Shiba Inu price will find immediate support at the 38.2% Fibonacci retracement level at $0.00002561.
An additional pivot point may appear at the lower boundary of the prevailing chart pattern at $0.00002357.
However, if the price of Shiba Inu falls below the downtrend line of the governing technical pattern, the optimistic forecast may be invalidated.
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