Shiba Inu (SHIB) is gaining market attention as it consolidates at a key level after rebounding 80% from recent lows. The meme-inspired cryptocurrency has shown remarkable resilience, and its current price action suggests that it has the potential to break out at a strong pace if it can break above key resistance levels.

Top analyst InvestingHaven recently shared a technical analysis of X, highlighting SHIB’s bullish potential into 2024. According to the analysis, Shiba Inu is currently holding strong at a key Fibonacci retracement level, a signal that is consistent with its positive trajectory this year. This level is critical for SHIB as a break above it could pave the way for higher price targets.

As SHIB consolidates, investors and traders are closely watching its movements for signs of the next significant move. The optimistic outlook for 2024 has rekindled confidence in the asset, with InvestingHaven's analysis setting ambitious targets for SHIB in the coming months.



The market is now focused on whether Shiba Inu can maintain its momentum and unleash its further upside potential. With key support levels holding firm, SHIB's next move could determine its trajectory for the remainder of the year.

Shiba Inu awakens

In recent weeks, as meme coins continue to deliver massive returns, Shiba Inu is making waves. After an explosive rise of 80%, SHIB retraced 25% in less than three weeks, but due to buyers maintaining momentum, SHIB has shown resilience. Driven by overall market bullish sentiment, investors are eager for its next move, keeping this cryptocurrency in the spotlight.

Top analysts and investors at InvestingHaven shared a detailed technical analysis of X, emphasizing SHIB's strong prospects for 2024. According to the analysis, Shiba Inu is consolidating at key Fibonacci levels, aligning with its bullish targets for the coming year.

The recent bounce from $0.0000158 has boosted market sentiment, solidifying SHIB's support area. Key Fibonacci levels indicate a potential target of $0.0000444, with a more ambitious extension target of $0.0000555 by 2024.

The next few days will determine whether SHIB can break through the resistance level of $0.000026. A successful breakout could continue its upward trajectory, pushing SHIB towards higher targets. However, if it cannot maintain the current levels, further consolidation may occur.

SHIB tests key supply

After several days of price fluctuations and market indecision, the trading price of Shiba Inu is $0.0000258. The price fluctuates within a narrow range, finding support around $0.000023 and facing resistance at $0.000028. This consolidation phase has left traders anxious, waiting for a decisive breakout.

If SHIB breaks through the key resistance level of $0.000026, it may gain the momentum needed to challenge the local high of $0.000028. A successful breakout at this level could signal the beginning of a more aggressive upward trend, with a target of the yearly high of $0.000045. This level represents an important milestone for SHIB, aligning with key technical and psychological factors that may further support its bullish trajectory.

On the other hand, if it fails to break through these resistance levels, it could lead to continued consolidation or even a pullback to the lower end of the range. The next few trading days will be crucial, as market participants closely monitor whether SHIB can maintain its bullish momentum and overcome these obstacles.
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