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Recent technical analysis suggests that the price of the Shiba Inu may be as well Get ready for a bullish rallyAs the second largest meme currency shows signs of recovery from the correction phase. With key support levels identified, one cryptocurrency analyst predicted… New upside price target for Shiba Inu (SHIB).
Shiba Inu price targets $0.000033 and beyond
On Tuesday, a cryptocurrency analyst from TradingView, known as “Real_CryptoRoy,” Announce That the Shiba Inu is preparing to “fly,” highlighting its ability to dramatically rebound prices to new highs. The analyst believes that the Shiba Inu’s first major milestone for 2025 will be a rise above $0.000025, a critical level that would confirm its bullish stance.
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If this crucial price point is restored, the TradingView analyst suggests that it could pave the way for the Shiba Inu to retest a new resistance area at $0.000033. This critical price level is one of Shiba Inu’s recent highswas achieved during a period of tremendous growth and increased demand.
Cryptocurrency expert TradingView shared a price chart, highlighting the break of the aforementioned resistance level, accompanied by… Strong trading volumecould pave the way for future gains and a greater upside that could push the Shiba Inu to new price highs.
While maintaining a confident stance on his bullish outlook for the Shiba Inu, the analyst also highlighted the impact of Bitcoin’s price movement and… dominance On the performance of Shiba Inu. For example, if Bitcoin remains stable or bullish, it could create favorable conditions for the rise of Shiba Inu and other altcoins. Conversely, if Bitcoin turns bearish, the Shiba Inu may also face Low and volatile prices.
For medium-term investors, the current price near $0.00002 may represent an opportunity to collect a Shiba Inu at a low cost while closely monitoring its movements. The analyst also highlighted the importance Key resistance and support levelsexpecting the Shiba Inu to be poised for a major rebound.
SHIB finds support amid correction
While sharing his bullish prediction for the Shiba Inu, “Real_CryptoRoy” revealed that the meme is currently in In the correction phase after the collapse 35% off the local high of $0.000033 and consolidating above $0.00002.
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The TradingView analyst revealed that the $0.00002 level was a crucial support area for the Shiba InuA crucial support area for the Shiba Inuwhich the memecoin tested twice. Typically, when a cryptocurrency successfully tests a support level multiple times, this indicates that buyers are stepping in to defend that level and prevent further drawbacks.
This support area, highlighted by orange circles on the analyst chart, indicates potential The local bottom of the Shiba Inu. TradingView’s cryptocurrency expert noted that the Shiba Inu’s current correction phase could provide an attractive buying opportunity for investors aiming to take advantage of lower prices and potential upward movement.
The analyst also pointed this out Shiba Inu price performance The previous day’s performance was noteworthy, as it avoided falling below the previous low. Instead, the meme coin created a “higher bottom,” indicating this Selling pressure It may be declining and its correction may be coming to an end.
Featured image created with Dall.E, chart from Tradingview.com
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