Shiba Inu (SHIB) Meme Coin Price to Spike Over 20% If This Key Resistance Breaks: Key Levels to Watch
Shiba Inu (SHIB), the popular meme cryptocurrency, is currently experiencing a pivotal moment in its price movement, according to multiple analysts. As the coin encounters a critical resistance level, a successful breakout could potentially trigger a significant upward surge.
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Shiba Inu Price Analysis by MyCryptoParadise
MyCryptoParadise, a TradingView analyst, has provided an in-depth analysis of SHIB’s current technical setup. According to their assessment, SHIB is currently facing resistance within an ascending triangle pattern.
MyCryptoParadise highlights that if SHIB manages to break out from this pattern, it could signal a bullish trend reversal, potentially leading to substantial upward movement. The analyst has identified a target resistance area that SHIB could reach in the event of a successful breakout.
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Show more +However, the analyst also cautions that if SHIB fails to break above the pattern and encounters a harsh rejection, indicated by a bearish candle, the price may retreat into a downward movement. In such a scenario, SHIB could revisit the trendline or even backtest the demand area to gather momentum for another attempt to break out.
Based on MyCryptoParadise’s analysis, SHIB is currently facing resistance at around $0.00002840. A breakout from this level could potentially see the price spike to $0.000035, representing a gain of over 20%. However, if the resistance holds, the analyst suggests that SHIB could dip to $0.0000239.
AltFINS Analysis: Potential for Further Upside
Another analyst, AltFINS, has provided a complementary analysis of SHIB’s price action. According to AltFINS, the price remains in an uptrend, and following a bullish breakout from a falling wedge pattern, SHIB has successfully retested that breakout and could potentially swing up to $0.000035 next.
Source: altFINS – Start using it today
Key Levels to Watch
AltFINS identifies several key levels to watch for SHIB’s price movement. The short-term, medium-term, and long-term trends are all bullish, with momentum currently favoring the bulls. Support and Resistance: The nearest support zones are $0.0000225 and $0.000015, while the nearest resistance zones are $0.000035 and $0.00004.
If the current resistance level of $0.00002840 is broken, the price is expected to spike to $0.000035 (the next resistance). If that level is also successfully breached, SHIB could potentially see a surge to $0.00004. However, if the current resistance holds and the price is unable to continue its spike, AltFINS suggests a potential drop to $0.0000225 and then $0.000015, although this dip is described as temporary.
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