Shiba Inu Set For An Explosive Comeback Rally Targeting $0.00004
Shiba Inu has faced a significant downturn, plummeting over 76% since its March peak and teetering on the brink of dropping another zero in August. However, a reversal appears to be forming as momentum builds in September. A pivotal aspect of this bullish sentiment is the recent break from a seven-month downtrend, transitioning into a nascent uptrend for SHIB.
SHIB Race to $0.00004
SHIB recorded its lowest point in September at $0.00001238 on the 6th. Fast forward three weeks, and it achieved its monthly peak at $0.00002156, marking the highest valuation for the meme coin in three months. In this context, Shiba Inu exceeded a long-standing seven-month trendline, as shown in AJTrader’s chart. Although it has reverted to $0.000015 since its September peak, current price actions remain above this crucial resistance trendline.
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Looking forward, Shiba Inu’s ability to reclaim the $0.00002 zone is essential, as noted by AJTrader. A successful retest could provide the momentum needed to breach higher resistance levels around $0.00004.
As of the latest data, Shiba Inu is trading at $0.0000178, indicating a 5% decline from its previous high of $0.00001909. Attaining $0.00004 from the current levels represents an upward move of 124.72%.
Analysts’ Projections
Beyond AJTrader’s analysis, there are additional bullish perspectives on Shiba Inu. Another TradingView analyst posits a potential price increase of up to 400%, which could propel SHIB to $0.00007, a level not seen in three years.
However, analyst Klejdi Cuni warns that reaching $0.00004 or $0.00007 might not be straightforward, outlining immediate resistance levels at $0.000019 and $0.00002. A breach of these resistance points could facilitate movement to higher valuations.
Bearish Indicators
Conversely, while there are bullish narratives surrounding Shiba Inu’s current formation, analyst Edward Fibonacci has identified a head-and-shoulders pattern, signalling a potential bearish correction. If SHIB breaks below the $0.000015 level, it could set into motion a downward trajectory toward $0.0000094.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
