Shiba Inu Moves to 0.0000136 as Charts Confirm Strong Breakout
- The price beyond key levels by SHIB aims at reaching higher levels now.
- It could take the next target at 0.0000180 by crossing the 0.0000140 threshold.
- To see if demand will continue to climb or if the price would slow down is what the analysts watch.
After months of low prices, Shiba Inu has made a powerful recovery. The most recent 1-day chart of it shows SHIB/USD rising to 0.00001363. According to an analyst Charting Guy (@ChartingGuy), SHIB’s price chart indicates its impressive ascent with a rise of 1.88% during the day. This follows a long period of accumulation and price constriction before breaking out to indicate what is possibly a sentiment shift in the marketplace. This chart has a synchronized movement with another correlated asset, implying SHIB’s price action follows a more extensive trend of the crypto space.
Technical Strength Supports the Move Further Up
The price of this chart shows that SHIB has performed strongly in recovery from its low hitting 0.00001000 mid-February and subsequently moving gradually in an upward trend. Towards the start of April, this steady movement gathered momentum as it moved towards the next main level of resistance at 0.00001400. If this level is broken, it provides a way through to 0.00001800, which would repeat the historical patterns of breakouts during previous SHIB rallies.
Increased trading volume is confirming that there is much more participation in the space. Rising volumes indicate buyers are stepping in to support the rally and minimize the risk of an early reversal. On the flip side, however, if SHIB does not clear the next resistance, retracement back toward 0.00001200 that had historically held in support will be next.
Market Sentiment and Speculation Drive Price Action
These relatively recent moves in the price have coincided with the cycle of renewed speculative interest in meme coins that has made SHIB one of the most traded assets in this category. Discussions among users on social media have increased, with some traders inclined to speculate about whether SHIB can indeed pursue the bullish trend. For now, and depending on whether support levels hold and gradually broken resistances, the price path is bullish.
What Lies in Store for Shiba Inu: Rally or Correction?
The next few days will be important as SHIB approaches key technical levels in determining whether it can hold this breakout or run into resistance. Should the momentum stay strong, a move towards 0.00001400 could be possible, with 0.00001800 being a longer-term target. If, however, the rally loses speed, the price could retest 0.00001200 before making attempts at holding a more elevated value. Today, that market is also watching close matches, being meme like SHIB, which is known for rapid and unpredictable moves with shifting sentiments in a matter of days.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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