Shiba Inu price is moving towards the $0.00003468 target to test the next critical resistance level. Dogecoin has dropped below a descending trendline, making volatility seem relatively sluggish. Technical analysts commented on the next support levels for SHIB and DOGE as Bitcoin bounced back its gains from the week. As Kriptokoin.com, we are providing the details…
Shiba Inu price targets $0.00003468
Shiba Inu formed an ascending triangle pattern on the daily chart and the technical pattern’s upper limit is a 37% climb towards $0.00003468 he predicted. It may encounter some resistance before it sets the optimistic goal. The first area of resistance is $0.00002595 at the 50-day SMA, then $0.00002679 at the 21-day SMA. An additional resistance level could be seen at the 200-day SMA, which coincides with the 50% retracement level of $0.00002826. It will intersect the 61.8% Fibonacci retracement level at another critical resistance at the 100-day SMA at $0.00003091.
As the uptrend continues, if investors continue to increase buying pressure and Shiba Inu price rises above the upper trendline of the pattern, analyst Sarah Tran is on the radar by 0.00005337%. It expects a climb of 51 to occur. If the bearish sentiment picks up, SHIB will discover support at the 38.2% Fibonacci retracement level at $0.00002561. An additional foothold could emerge at the lower border of the formation at $0.00002357. However, the upbeat outlook may be invalidated if Shiba Inu price dips below the bearish trendline of the pattern.
Dogecoin price capped at $0.20
DOGE indicates that a breakout will be explosive as it is squeezed between the trendline and the $0.127 support level. A clear close above this resistance could open the way for DOGE to retest the $0.163 weekly resistance. According to analyst Akash Girimath, this scenario would represent a 23% rise from the current position. This extension could bring the total gain for Dogecoin price from 23% to 47%.
While things are looking very optimistic for Dogecoin price, failing to cross the falling trendline will indicate weakness on the buyers side. However, if DOGE closes a daily candlestick below $0.127, it will create a lower low and invalidate the bullish argument. In this scenario, Dogecoin price could collapse 41% and revisit the $0.0746 support level.
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