Shiba Inu token, with a market capitalization of $8.52 billion, has experienced an 8.94% increase in the past week. As the recovery trend gains traction, it faces a minor obstacle on the four-hour chart. However, a breakout from the current consolidation pattern could potentially lead to a bullish run, pushing the price of Shiba Inu to $0.000020.
The Shiba Inu price trend has seen a recovery rally, challenging a confluence of resistance levels. This has resulted in a sideways trend, with overhead resistance at the 61.80% Fibonacci level near $0.000015, as well as an overhead resistance trendline. Additionally, a symmetrical triangle pattern has formed on the four-hour chart due to the intersecting resistance and support trendlines. The bullish cycle has already surpassed the 50, 100, and 200-day Exponential Moving Averages (EMAs), resulting in a golden crossover, and the 100 and 200-day EMAs are on the verge of a bullish cross.
Currently, the Shiba Inu price trend is consolidating above the 50% Fibonacci level at $0.00001427 and is trading at $0.00001444. The underlying bullish momentum is apparent as the symmetrical triangle pattern takes a sideways route. Additionally, the growing Relative Strength Index (RSI) divergence suggests a potential bullish comeback as the negative cycle fails to break the 50-day EMA on the four-hour chart and the 50% Fibonacci level.
If the Shiba Inu price breaks out bullish, it could surpass the overhead resistance trendline. In this scenario, the Fibonacci levels indicate price targets at $0.0000160 and $0.00001727. In an optimistic scenario, a continued bull run could target the 1.618 Fibonacci level at the $0.000020 psychological mark. However, this would require support from a broader market recovery.
On the other hand, crucial support levels for the Shiba Inu price lie at the 50%, 38.20%, and 23.60% Fibonacci levels, which are $0.00001427, $0.00001356, and $0.00001229, respectively.