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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?
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.
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.
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.