Can the Shiba Inu (Sheep) continue to rise in value?

Shiba Inu (SHIB) price is nearing the resistance line of the bullish short term pattern. A hack could follow soon.

The Shiba Inu is the symbol of governance for the Shiba ecosystem. It is an ERC-20 token. Looking at the six-hour time frame, it seems likely that the price of the SHIB token will get hacked and continue its bullish trend. This is due to the formation of the ascending triangle pattern, which is generally considered a bullish sign.

The price of the Shiba Inu coin bounced at the pattern’s support line on April 12, creating a long lower wick. This is a sign of buying pressure. If the price closes above the $0.0000115 resistance, it will confirm the breach and a possible upward move that could reach $0.0000134. This is likely to happen in the next 24 hours.

The target was found at the Fibonacci retracement resistance level of 0.618, and by projecting the height of the triangle at the breakout level.

However, if Shiba Inu price falls below the ascending support line, this will invalidate the bullish outlook for SHIB price, which could cause it to drop to $0.0000077.

SHIB/USDT daily chart. source: TradingView

Shiba Inu (SHIB) price is regaining momentum

Technical analysis from the daily time frame corresponds to the 6-hour readings. The price broke the descending resistance line on March 17th and proved to be support ten days later. Although the price struggled to start an upward movement, it is trying to break out from the $0.0000115 resistance area. Since the resistance weakens each time it is touched, an eventual breakout is to be expected.

Moreover, Shiba price created a long wick lower on April 12, which is a sign of buying pressure. Finally, the daily RSI moved above the 50 level, which is another sign of an uptrend.

As a result, a breakout from the $0.0000115 area and an increase to $0.0000135 is the most likely future price forecast.

Shiba Inu (SHIB) Short term breakout
SHIB/USDT six-hour chart. source: TradingView

In conclusion, the most likely SHIB price forecast is a breakout and an increase to $0.0000135. Closing below the short-term ascending support line would invalidate these bullish expectations. In this case, the SHIB price could drop to $0.0000077.

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In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.

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