Shiba Inu price steals the spotlight as SHIB bulls take charge

(Akash Girimath – FXStreet)

– Shiba Inu price has sustained its recent breakout from a bullish pennant, hinting at an uptrend.

– Investors should be cautious of the $0.0000139 hurdle before the rally reaches its target at $0.0000154.

– A daily candlestick close below the $0.0000095 support level will invalidate the bullish thesis for SHIB.

Shiba Inu price has managed to maintain its upside momentum after breaking out of a bullish pattern. This development indicates that SHIB is ready to take off to the next significant level.

LUNA holders watchout: Investigation in the Terra collapse catches investors off guard

July 21, 2022

Solana’s new daily address growth outpaces other blockchains, SOL jumps

July 20, 2022

Shiba Inu price makes its move

Shiba Inu price is breaking out of a bullish pennant, aka a continuation pattern. The technical formation is made up of a flagpole and a pennant.

In this scenario, the 34% explosive move between June 19 and June 25 set up the flagpole and the consolidation that ensued in the form of higher lows and lower highs created a pennant. This pattern, from a theoretical standpoint, forecasts a 34% upswing to $0.0000154, which is obtained by adding the flagpole’s height to the breakout point at $0.0000116.

After a successful breakout at $0.0000116 on July 18, SHIB has managed to retest the pennant and move higher. This development is a bullish signal that the trend is favoring bulls. Now, investors can expect Shiba Inu price to continue its ascent to the forecast target at $0.0000154.

However, during this climb, SHIB bulls need to overcome the $0.0000139 hurdle.

While things are looking up for the meme coin, a reversal in Bitcoin price could harm this bullish sentiment. Under these circumstances, if SHIB produced a daily candlestick close below the $0.0000095 support level, it would invalidate the bullish thesis and potentially trigger a crash to the $0.0000082 barrier.