Shiba Inu is showing signs of a potential price reversal. After a prolonged downtrend in recent months, SHIB is consolidating and bouncing off key support levels.

Possible SHIB Recovery

Although #Shibalnu faces several obstacles, recovery is not entirely out of the question. The key will be SHIB's ability to break through several important price levels. The first step toward potential growth is maintaining support above the 100-day Exponential Moving Average (EMA), which currently stands at $0.00001664.

SHIB/USDT Chart by TradingView

If SHIB can stay above this level, it could signal that buyers are returning to the market, and sentiment is beginning to shift positively. Holding above this threshold would boost confidence in further gains, as this level has historically served as significant support.

Key Levels to Watch

If SHIB breaks through the $0.00001664 level, it could establish a strong foundation for further growth. Breaking through this area, which previously acted as resistance, could open the door to a price move towards $0.00001900. Reaching this level would confirm a reversal and attract more investors, potentially driving further upward momentum.

  • Support level at $0.00001664: SHIB needs to remain above this point to avoid further downside pressure and create the potential for a reversal.

  • Resistance at $0.00001800: A breakthrough at this level would indicate a shift in market sentiment and could trigger a new wave of buying.

  • Target price of $0.00001900: Surpassing this level would indicate a complete reversal of the previous downtrend and could prepare SHIB for a longer-term rise.

Conclusion

SHIB is in a crucial phase, and its next movement will depend on its ability to hold above key support levels. If resistance is broken, a significant price recovery could be on the horizon.

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