Shiba Inu (SHIB) has been under the analytical spotlight since September 2022, with market observers closely monitoring its price movements within a descending parallel channel. A recent analysis by prominent analyst Ali has highlighted a pivotal moment for SHIB as it tests a crucial resistance level at the upper boundary of this pattern, currently hovering around $0.000011.
The significance of this resistance lies in its potential to act as a turning point for Shiba Inu’s trajectory in the coming weeks. Ali suggests that a decisive weekly close above the $0.000011 mark could serve as a strong indicator of an imminent bullish breakout. If SHIB manages to breach this resistance successfully, it could pave the way for a significant upward movement, potentially pushing the cryptocurrency towards the $0.000014 range.
Conversely, the scenario is not without its risks. Should Shiba Inu face rejection at the current resistance level, a pullback might be in the cards. Ali warns that in the event of a rejection, SHIB could experience a retracement to the $0.000008 mark before any bullish breakout is realized.
Shiba Inu Current Price Analysis
As of the latest data provided by CoinMarketCap, Shiba Inu is currently trading at $0.000009911, accompanied by a 24-hour trading volume of $224 million. Despite a 1.75% dip in the last 24 hours, Shiba Inu holds a strong position at the 16th rank, boasting a market cap of $5 billion.
The token has recently experienced a significant downturn from its recent peak above $0.00001, effectively invalidating the much-anticipated golden cross setup. This abrupt shift in price has not only caught the market off guard but has also instilled a sense of caution among SHIB holders.
The broader cryptocurrency community is now speculating on the next move for Shiba Inu, considering the various possibilities outlined by analysts. Will SHIB overcome the resistance and pave the way for a bullish rally, or will the market witness a retracement to $0.000008 before any potential breakout? The answers to these questions remain uncertain, adding an air of anticipation to the Shiba Inu saga.
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