SHIB hits bullish breakout target of $0.00001155 – Can bulls push forward

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Shiba Inu [SHIB] broke above its descending triangle pattern and hit the bullish breakout target of $0.00001155 – appreciating by 10%. But the level has been a stiff resistance afterwards, setting SHIB to oscillate within a key range on the four-hour chart. 

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

At press time, Bitcoin [BTC] consolidated between $26.87k and $28.52k, showing bulls were still hopeful of pushing forward. A bullish BTC could tip SHIB to attempt to clear its overhead resistance. 

Source: SHIB/USDT on TradingView

SHIB’s price action made the same lows with corresponding lower highs from mid-March, curving up a descending triangle pattern. It broke above the pattern and hit the target of $0.00001155 after a pullback retest on $0.00001051. At press time, the price oscillated between 61.8% Fib level ($0.00001097) and 100% Fib level ($0.00001155). 

SHIB could oscillate between the above range, so long as BTC maintains its consolidation range, too. As such, investors could target the upper ($0.00001155) and lower ($0.00001097) range boundaries. But they must watch out for the 76.8% Fib level ($0.00001122) whenever targeting the above range levels. 

A bullish BTC could push SHIB to clear the overhead resistance level of $0.00001155. The next likely targets for SHIB bulls in such an upswing are $0.00001187 and $0.00001220. But a close below 61.8% Fib level ($0.00001097) could attract more selling pressure, but the 50% or 38.2% Fib levels could slow the price dump. 

At press time, the RSI was bullish, but it hit the overbought zone, which makes SHIB ripe