CandleFocus SHIB Technical Setup Shows Meme Coin Is Positioned for Potential 30% Rally
2024-11-08
Author: Content Editor
Shiba Inu (SHIB) is poised for a potential 30% rally as the daily technical setup suggests favorable conditions for an upward move. The meme coin has formed a cup-and-handle pattern on the daily chart, indicating a potential continuation of an uptrend. The Money Flow Index (MFI) indicates growing buying pressure, further supporting the possibility of a continued uptrend. However, SHIB faces resistance at its current value, but with the buying pressure indicated by the MFI, it may overcome this obstacle. The Fibonacci retracement index suggests that SHIB's price might increase by 30% to $0.000025 if it can breach $0.000020. However, if it fails to do so, SHIB may drop to $0.000015.
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