Shiba Inu (SHIB) separates itself from the market after substantial gains. Although SHIB appears ready for further upside, a number of obstacles stand in its way.
Shiba Inu Ready To Erupt
SHIB looks able to breach a crucial resistance barrier and progress toward a new all-time high.
The Dogecoin duplicate increased by 15% in the last 16 hours while the rest of the crypto market struggled to recuperate from Wednesday’s flash crash. The unexpected rise pushed SHIB past the upper trendline of a bull flag that evolved on its six-hour chart.
Shiba Inu could increase another 200% if buy orders continue to pile up. A decisive six-hour candle close above the upper trendline of a flag at $0.000055 could stir up a new bull run toward $0.000175.
Breaking through the $0.000055 resistance price may be harder than anticipated. More than 18,000 traders have purchased more than 26 trillion SHIB at this price level. These token owners could attempt to recover costs as their lengthy placements climb, which would decelerate the uptrend. Nonetheless, a sustained fracture of the supply wall might validate the hopeful expectation offered by the bull flag pattern.
If Shiba Inu cuts through the $0.000055 barrier, it will have an additional obstacle at $0.000059. After surpassing both supply barriers, SHIB would have no problem in reaching a new all-time high at $0.000175.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.