Shiba INU Closer to a 200% Breakout- This is Where SHIB Price May Trade by End of Q1 2023

The post Shiba INU Closer to a 200% Breakout- This is Where SHIB Price May Trade by End of Q1 2023 appeared first on Coinpedia Fintech News

The Shiba INU price is displaying significant bullish momentum and broke out from the rising wedge pattern. Although the breakout was bearish, the price continued to trade parallel to the support levels and the crucial 200-day MA levels which are acting as a strong base. After, holding up the price levels for quite a long time, bulls were believed to get drained and hence paving way for a notable price drain.

However, the current trade set-up indicates the price to be due for a massive upswing and may maintain a notable rally to reclaim the lost positions above $0.00002 in the coming days.

The rally had been bearish for quite a long time, while the much-awaited launch of Shibarium has also been delayed which may have impacted the trend of the rally. However, the Shib INU price is flashing the possibility of rising by more than 190% which may further flip the market sentiments of the entire crypto space.

Source: Tradingview

The current trade setup shows the token is closer to undergoing extreme pump in the immediate short-term

The price is trading within a descending parallel channel on a daily chart which is closer to undergoing a bullish breakout.

The price is undergoing a corrective zig-zag pattern within the descending channel which may validate the possibility of an explosion toward the north

The next strong resistance is between $0.00002514 and $0.00003384 which are pretty strong and the token may definitely experience selling pressure on testing these levels

Collectively, the Shiba INU (SHIB) prices are displaying acute strength and if the offered a good opportunity may rise far beyond the expectation.