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 watching its movements closely for signs of the next major move. An 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 fulfill its potential for further gains. With key support levels holding firm, SHIB’s next move could determine its trajectory for the rest of the year.

Shiba Inu wakes up

Shiba Inu is making waves in recent weeks as the meme coin continues to deliver massive returns. After an explosive 80% rally, SHIB has retraced 25% in less than three weeks but has shown resilience as buyers maintain momentum. The cryptocurrency remains in the spotlight as investors look to where it will go next, fueled by bullish sentiment across the market.

Top analyst and investor InvestingHaven shared a detailed technical analysis of X, highlighting SHIB’s strong outlook in 2024. According to the analysis, Shiba Inu is consolidating at key Fibonacci levels, which is in line with its bullish targets for the coming year.




The recent rebound from $0.0000158 has bolstered sentiment, solidifying SHIB’s support zone. Key Fibonacci levels suggest a potential target of $0.0000444, with a more ambitious stretch target of $0.0000555 by 2024.



The next few days will determine if SHIB can break out of the $0.000026 resistance level. A successful breakout is likely to continue its upward trajectory, pushing SHIB towards higher targets. However, failure to hold current levels could result in further consolidation.

SHIB Testing Key Supplies

After a few days of price volatility and market indecision, Shiba Inu is trading at $0.0000258. The price is moving in a narrow range, finding support around $0.000023 and facing resistance at $0.000028. This consolidation phase has traders on edge, awaiting a decisive breakout.





If SHIB breaks above the critical resistance at $0.000026, it could develop the momentum needed to challenge the local high at $0.000028. A successful break above this level could signal the start of a more aggressive uptrend targeting the yearly high at $0.000045. This level represents an important milestone for SHIB, aligned with key technical and psychological factors that could further support its bullish trajectory.



On the other hand, failure to break through these resistance levels could result in continued sideways trading or even a correction to the lower end of the range. The next few trading sessions will be crucial as market participants closely watch whether SHIB can maintain its bullish momentum and overcome these hurdles.
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