March 3, 2022
On the daily chart, Shiba Inu price has formed an ascending triangle pattern, projecting a 37% rise toward the upper boundary of the governing technical pattern, which is $0.00003468.
Shiba Inu price will confront another hurdle at the 100-day simple moving average (SMA) of $0.00003091, which will connect with the 61.8% Fibonacci retracement level.
Slicing above the previously indicated obstacle will target a further 51% upsurge.
Investors should keep in mind that if purchasing pressure persists and the Shiba Inu price breaks over the topside trend line of the governing technical pattern, a 51% rise toward $0.00005337 is on the cards.
If SHIB falls below $0.00002357, the bullish outlook will be null and void.
If bearish sentiment intensifies, Shiba Inu price will find quick support at the 38.2% Fibonacci retracement level of $0.00002561.
At $0.00002357, a further footing may form at the lower border of the current chart pattern.