According to the popular crypto analyst Rekt Capital, Shiba Inu (SHIB) is currently consolidating just below a key resistance level that needs to be flipped into support before the meme coin can kickstart its next rally.
Rekt Capital’s chart highlights the importance of the 0.0000332 level, represented by a blue line. This resistance has been acting as a significant hurdle for SHIB, preventing it from continuing its upward trajectory. Currently, SHIB is trading at 0.0000327, just a hair below the critical resistance.
For SHIB to ignite its next bullish move, it needs to decisively break through the 0.0000332 level and establish it as a support zone. Achieving this feat would clear the path for SHIB to target the next resistance level marked by the black line at 0.0000473.
If SHIB successfully turns the 0.0000332 resistance into support, it would open the door for a substantial price rally of more than 40% from its current trading levels. However, if the resistance continues to hold, SHIB may face further consolidation or a potential pullback.
It’s important to note that resistance and support levels are dynamic, and their significance can change depending on market conditions and trader sentiment. Nonetheless, Rekt Capital’s analysis highlights the importance of the 0.0000332 level for SHIB’s near-term price trajectory.
Traders and investors in the SHIB community will be closely monitoring the price action around this crucial resistance level, as a breakout could potentially ignite a bullish momentum that propels the meme coin to new highs.
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