The price of Shiba Inu has been on the rise for a while with announcements that a major crypto exchange will soon list the popular meme coin. On the other hand, according to analysts, the current technical model predicts a 14 percent climb for the Shiba Inu (SHIB). However, on the chart, SHIB is likely to face a major hurdle at $0.00003550. As Kriptokoin.com, we report the latest developments and analysis…
Shiba Inu is listed on the Brazilian stock exchange
Shiba Inu is expected to be listed on the leading Brazilian crypto exchange Foxbit on February 16. The exchange was launched in 2014 and is one of the oldest crypto exchanges in Latin America. According to experts, with more than 950,000 registered customers on the exchange, the price of SHIB could increase even more. According to FXStreet analyst Sarah Tran, the Shiba Inu price recently rose 54 percent to $0.00003708, breaking above the upper limit of the falling wedge pattern. The analyst points out that SHIB bulls are aiming for a 14 percent rise to reach the optimistic target.
Tran notes that the first line of resistance is at $0.00003550 on the 100-day Simple Moving Average (SMA). On the other hand, SHIB is thought to see the 23.6% Fibonacci retracement level at $0.00003411 before it hits another hurdle.
Which levels are targeted?
If the bulls, i.e. those who believe the coin will rise, manage to tag the aforementioned bullish target at $0.003708, then buyers can aim to reach the price of $0.00004467, the 38.2% Fibonacci retracement level, in the next stage. With even greater prospects matched by the spike in buy orders, the Shiba Inu price target of $0.00006174 is thought to be seen at the 50 percent retracement level.
However, if selling pressure builds, Shiba Inu price could drop to the 50-day SMA at $0.00002854 as immediate support. If this level fails to hold, SHIB could decline deeper towards the 200-day SMA at $0.000002599. An additional increase in sell orders could see SHIB price decline towards the 21-day SMA at $0.00002381, near the upper boundary of the technical pattern. Finally, any further increase in bearish sentiment could push SHIB below $0.00002060, according to Tran.
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