Shiba Inu is Poised For a Massive 116% Surge as Signs Point to a Strong Bullish Trend Ahead
Based on the analysis by MMBTtrader on TradingView, Shiba Inu appears to be setting up for a significant upward movement. The analyst identified strong daily support levels at $0.00001 and another support level slightly above $0.000005. These support zones are considered robust, and the potential for an upward movement from these levels is highlighted.
Overview of the Analysis
Additionally, MMBTtrader’s analysis identified resistance zones between $0.00002 and $0.00005, which could pose challenges to the price movement. However, the analyst remains optimistic about a possible 116.92% increase, targeting a price of around $0.00003 for SHIB in the short term.
Supporting this bullish outlook, analyst Maks Klimenko observed a reversal pattern following a sweep of key lows around the $0.00001333 mark. The MACD indicator on the daily timeframe also supports this view, showing a bullish divergence as the histogram turns positive and the MACD line crosses above the signal line.
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The momentum shift suggests a weakening of bearish forces and the emergence of bullish dominance. The target level for this move is around $0.00002024, further strengthening the potential for a price increase.
Furthermore, The Crypto Basic has identified a higher low pattern on the Shiba Inu chart, signaling a potential trend reversal. This pattern suggests increasing buying interest and diminishing selling pressure. SHIB’s proximity to the 50-day Exponential Moving Average (EMA) is crucial, with a hold above this level indicating a potential price surge, while a fall below could lead to further declines.
The increased adoption of Shiba Inu by platforms like NowPayments is contributing to a positive trend reversal, possibly leading to the anticipated price recovery. At the time of writing, SHIB traded at $0.00001363, experiencing a 2% drop from its daily high and a 14% decrease from its weekly high.
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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
