[Shiba Inu Faces Key Resistance at $0.00002871: Will It Break? 】
Shiba Inu (SHIB) shows potential to double in price given current market trends. The current SHIB price is 0.000017 yuan, and the 24-hour trading volume reaches 205 million US dollars. Despite its recent decline of 2.67%, it still shows growth potential.
The first level of resistance for SHIB is seen at $0.00002871, a level that has acted as a major obstacle to further price gains many times in the past. A break above this resistance for SHIB could open a path towards a potential target of $0.00004000, which is in line with the previous price peak and shows significant growth potential.
Support is currently found at $0.00001600, which has been tested multiple times and proven solid, indicating strong buying interest at this level. If SHIB remains above this support level, it could set the stage for a bullish trend.
Recent price trends show SHIB price fluctuating between $0.00001600 and $0.00002871, indicating a consolidation phase, which makes SHIB potentially ready for a breakout. The recent gains and positive forecasts further support the possibility of a bullish turn if the price can break above key resistance levels.
Technical indicators also provide more information on SHIB's prospects. The relative strength index (RSI) of 45.43 shows SHIB in neutral territory, indicating that the cryptocurrency is neither overbought nor oversold and there is a possibility of a price reversal. Additionally, the Moving Average Convergence Divergence (MACD) is below the signal line, indicating that downside momentum may be present in the short term.
