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The Shiba Inu (SHIB) is capturing the market’s attention as it consolidates at a critical level after an impressive 80% rally from recent lows. The meme-inspired cryptocurrency has shown remarkable resilience, and the current price action points to a potential breakout at a strong pace if it manages to push above key resistance levels.
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Chief Analyst InvestingHaven recently shared a technical analysis on This level is pivotal for SHIB, as a break above it could pave the way for higher price targets.
As SHIB consolidates, investors and traders are closely monitoring its movements for signs of the next major move. The bullish outlook for 2024 has sparked renewed confidence in the asset, with InvestingHaven analysis setting ambitious targets for SHIB in the coming months.
The market is now focused on whether the Shiba Inu is able to maintain its momentum and realize its potential for further gains. With key support holding in place, SHIB’s next steps could determine its course for the rest of the year.
Shiba Inu wakes up
The Shiba Inu is making waves as meme coins continue to make huge returns in recent weeks. After a massive 80% rally, SHIB has retreated 25% in less than three weeks, but has shown resilience as buyers continue to build momentum. The cryptocurrency remains in focus as investors anticipate its next move amid bullish sentiment across the market.
Senior analyst and investor InvestingHaven shared a detailed technical analysis of Xhighlighting SHIB’s strong outlook for 2024. According to the analysis, the Shiba Inu is consolidating at a critical Fibonacci level, which is in line with its bullish targets for next year.
The recent rebound from $0.0000158 has boosted market sentiment, consolidating the SHIB support area. Key Fibonacci levels indicate potential targets of $0.0000444, with a more ambitious stretch target of $0.0000555 by 2024.
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The next few days will determine whether SHIB is able to break the $0.000026 resistance level. A successful breakout could continue its upward trajectory, pushing SHIB towards its higher targets. However, failure to maintain its current levels may lead to further consolidation.
SHIB testing for critical supplies
The Shiba Inu is trading at $0.0000258 after several days of price volatility and indecision in the market. The price fluctuated within a narrow range, found support near $0.000023 and faced resistance at $0.000028. This consolidation phase kept traders on edge as they waited for a decisive breakout.
If SHIB breaks the critical resistance level of $0.000026, it can build the momentum needed to challenge the local high of $0.000028. A successful push above this level would likely signal the beginning of a more aggressive upward movement, targeting yearly highs at $0.000045. This level represents a significant milestone for SHIB, as it aligns with key technical and psychological factors that could fuel its upward trajectory.
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On the other hand, failure to break above these resistance levels may result in continued sideways trading or even a pullback towards the lower end of the range. The next few trading sessions will be crucial as market participants closely monitor whether SHIB is able to maintain its upward momentum and overcome these hurdles.
Featured image by Dall-E, chart from TradingView
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