This Might Result in a Doubling of The Price of Shiba Inu

Shiba Inu (SHIB) formed a bull pennant on its daily chart last week, indicating a price gain. While retesting the breakthrough level, SHIB's price is at a key point. If successful, this retest might provide big profits.

Bull pennants usually indicate a strong upswing after consolidation. A bull pennant forms on SHIB/USD's daily chart. After a large price rise, two converging trend lines create a little symmetrical triangle. The pole reflects the first rapid climb from late February to early March, while the pennant developed from March to May.


The higher pennant trendline generally offered resistance, while the bottom trendline often gave support. SHIB is retesting the upper trendline after breaking it last Wednesday. This retest is essential to verify the breakout. A price retest at the pennant's upper border might confirm the uptrend.

Price should be monitored at $0.00002350. Resistance levels at $0.00002482, the 0.236 Fibonacci retracement level, $0.00002881, $0.00003204, $0.00003527, and $0.00003987 are also crucial to watch. The 0.382, 0.5, 0.618, and 0.786 Fibonacci retracement levels are crucial if the upswing continues.

$0.00002220, the recent pennant's bottom border, is a key support level. The 200-day EMA at $0.00001854, and the 0 Fibonacci retracement line at $0.00001836, the consolidation phase's bottom, provide further support.

SHIB must also watch the 20-day and 50-day EMAs at $0.00002399 and $0.00002418, the next resistance levels. SHIB is trading above its 20-day EMA but below its 50-day EMA, showing mixed short-term momentum.

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