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Shiba Inu eyes bull run as bulls target key resistance level

Shiba Inu eyes bull run as bulls target key resistance level

GrafaGrafa2024/08/21 06:20
By:Mahathir Bayena

Shiba Inu (CRYPTO:SHIB) is showing promising signs of a potential bull run as it rebounds from extended consolidation.

The cryptocurrency market opened positively, with SHIB pushing toward higher levels after finding strong support at $0.000011.

The key resistance level at $0.000014 has emerged as a critical barrier.

A successful breach and sustained level above this resistance could signal the start of a new rally for SHIB.

SHIB has been in a downtrend for several months, characterized by lower highs and lower lows.

Recent price action suggests that this downtrend might be ending.

To fully reverse its downward trajectory, SHIB needs to break through $0.000014 and establish it as a new support level.

The transition is crucial for setting a stronger foundation for further price increases.

The coming week is expected to be pivotal in determining SHIB’s next direction.

Technical indicators are aligning in favor of the bulls.

The daily MACD (Moving Average Convergence Divergence) turned bullish last week, indicating a shift in momentum toward buyers.

This bullish signal was confirmed by the two-day MACD, reinforcing positive sentiment.

If momentum continues, SHIB could enter a sustained uptrend, leading to significant price appreciation.

Investors and traders are closely watching SHIB’s price movements, anticipating that breaking $0.000014 could trigger a major rally.

Current market conditions and technical signals suggest SHIB is at a crucial juncture.

Staying updated on news and developments, especially regarding Shibarium, will be essential as SHIB navigates this transformative period.

The community remains hopeful that SHIB will break free from its downtrend and start a new bullish phase, solidifying its position as a leading meme coin.

At press time, Shiba Inu is priced at $0.00001366.

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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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