Shiba Inu (SHIB) has recently broken out of a descending channel

#SHIBAUSDT indicating a potential shift in market sentiment. Currently trading at $0.00001629, SHIB is approaching a significant resistance level at the 200-period SMA on the 4-hour chart, which stands at $0.00001800. This level has historically acted as a notable resistance point. A successful retest of this level could provide valuable insights into future price movements.

Key levels to watch include the support at $0.00001600 and the resistance at $0.00001800. The breakout from the descending channel suggests potential bullish momentum. Traders should observe how SHIB interacts with these levels, particularly the 200-period SMA, to gauge the potential for continued upward movement or a reversal.

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Disclaimer:

This analysis is for informational purposes only and should not be construed as financial advice. Trading cryptocurrencies involves significant risk and may not be suitable for all investors. Always conduct your own research and consult with a financial advisor before making any investment decisions.