SHIB is currently a bigger loser than DOGE, with its loss accounting for 8.41% of the stock’s decline.
Shiba Inu prices may decline further in order to test important levels of support before resuming their upward trend. Bulls are taking some time to gather their breath before attempting to push the price of Shiba Inu higher. The current chart pattern indicates that SHIB will have a 27% increase in value to $0.00003736 once it finds stable support.
Shib Price is expected to rise by 27%
Price of Shiba Inu has created a falling wedge pattern, indicating that the token’s bullish view has been confirmed following a breach over its upper boundary on February 6. However, it looks that SHIB might fall much farther in order to investigate crucial lines of defense before resuming its upward trajectory.
First and foremost, the 50-day Simple Moving Average (SMA) at $0.00002799 will serve as a support level for the Shiba Inu price to stabilize. Additional lines of defense for SHIB will develop at the 200-day simple moving average of $0.00002617, followed by the 21-day simple moving average of $0.00002435.
The price of the Shiba Inu may decline lower if selling pressure continues to build, first toward the upper border of the ruling technical pattern at $0.00002222, and then toward the October 8 low of $0.00002060, according to the chart.
Lower Shiba Inu price levels might signal that momentum has turned to the negative, invalidating the positive forecast.
If buying pressure builds, Shiba Inu price might aim for the 23.6 % Fibonacci retracement level at $0.00003411, followed by the 100-day SMA at $0.00003509. More purchasers entering the market might help SHIB reach the optimistic aim of $0.00003736.
The 38.2 % Fibonacci retracement level at $0.00004467 may be the next target, followed by the 50% retracement level at $0.00005321.\