- Shiba Inu might encounter correction after surging 113% in about three days.
- The MRI flashes a massive sell gesture, confirming a possible 17% retracement.
- If SHIB bounces off the support floor at $0.0000446, it will catalyze a 100% upswing towards $0.0000914.
Shiba Inu (SHIB) saw a massive upsurge after overpowering its consolidation formation on 23 October. Such an upswing had the meme crypto touching a new ATH. Though bulls seem to have strength for further surges, things might need to pause before SHIB records a massive rally. That means that market players should expect a correction in the upcoming sessions.
Shiba Inu rose with a remarkable 28%on 27 October. That had the meme coin recording a new ATH of $0.0000595. However, the overall altcoin market sustains plummet at the moment. Shiba Inu’s price appears to reflect the market condition as the alt lost 10% so far. Meanwhile, the Momentum Reversal Indicator (MRI) has displayed a single red sign on the twelve-hour price chart.
This technical pattern predicts a possible 1 to 4 candle retracement. Therefore, market players can wait for a correction that will be a buying opportunity. Investors should consider the support level at $0.0000446. Though bulls can step up at this level, Shiba Inu might plunge towards $0.0000414. Remember, the buying opportunity remains ideal unless the 12Hr candle closes under $0.0000383.
Presuming Shiba Inu maintains its movements beyond the barriers mentioned above, the community can expect the coin to launch a massive comeback and rally higher. Such scenarios will witness SHIB exploring its recent peaks at $0.0000595 before tagging a 161.8% FIB extension level.
If SHIB maintains the momentum seen after it cracked the bullish pennant pattern, the DOGE competitor will target new higher price levels at $0.0000914. That would mean a 104%surge from &$0.0000446, doubling SHIB’s value.
Though the price correction might not bother long-term investors, it might trouble short-term traders if the situation persists. Meanwhile, SHIB should maintain beyond $0. 0000383. A significant twelve-hour close under this level might mean an extended downward move.
Do you think SHIB has the strength to keep its momentum for higher prices in the upcoming sessions! You can comment below.