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Shiba Inu (SHIB) Nears Crucial Resistance Level: What’s Next?



What’s Next for Shiba Inu (SHIB) as it Nears Crucial Resistance Level?

What’s Next for Shiba Inu (SHIB) as it Nears Crucial Resistance Level?

The cryptocurrency market has been in flux lately, with some coins performing well while others struggled. The community is watching closely as we analyze the technical analysis to see how this could impact SHIB holders and potential investors.

However, it is important to note that the current price action indicates a possible pullback, which could result in SHIB retreating to nearby support levels. In terms of support level movements, SHIB has been found at $0.0000136, $0.000137, and $0.8000138. These prices have previously provided reassurance, but if these prices fall, there could be an opportunity for bulls to take advantage.

Despite the possibility of a pullback, SHIB’s bullish momentum may be challenged by resistance at $0.0000142, $0.000145, and $0.00149. Although market sentiment may be leaning slightly bearish, the previous bullish momentum provides ample opportunity for a breakout above the resistance level.

Technically, however, things are getting technical: The Relative Strength Index (RSI) is hovering around the 50-point, suggesting neutrality; conversely, Moving Averages remain bulldozers, with the moving average of the past two weeks reaching approximately 100 days. This implies that the short-term trend is not affected by anything, whereas in the long term, SHIB’s price will most likely be influenced by market sentiment and then react to the resistance level;

for instance, breaking even at $0.000014 could trigger a wave of buying (e.g., push towards the next resistance levels), while if it fails to break this record, would we retreat back to our earlier support levels? Is it possible for it to break through the resistance level or will it surrender to the bear market? Only time will tell, but with certainty, the price of SHIB will move in the near future.

The $0.000014 resistance point is a significant momentary pullback, and although the current price action may be temporary, there are strong bullish signals and longer-term trends that suggest this could be impacted short term. While the market waits untold, it is clear that the next step will have a significant impact on the future of SHIB.

Looking for more insights on SHIB and the cryptocurrency market? Check out this article on CoinSeeks.com: Shiba Inu (SHIB) Price Analysis: What’s Next for the Meme Coin?


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