#ShibaINU coin price has been stagnant for more than two weeks, oscillating between two fixed levels of $0.0000116 and $0.00001020. During this period, the coin price has displayed a cluster of daily candles, highlighting the market's persistent uncertainty.
In February, the SHIB price trend shifted from a downtrend to a sideways movement due to market uncertainty. As a result, potential buyers should avoid trading in this region and wait for a price breakout to release the trapped momentum.
As per recent news, the SHIB price has been on a robust upward trend, surpassing the critical resistance level of $0.000011000. The Meme coin is currently trading above its 20, 50, 100, and 200-day moving averages, indicating a strong bullish sentiment in the market. This is an encouraging sign for investors, as the SHIB price may continue to soar in the near future.
Shiba Inu (SHIB) has recently seen a substantial increase of nearly 5.50%, resulting in a test of the $0.00001100 resistance level. Although there is potential for further upward momentum, it is crucial to note that if SHIB surpasses the $0.000011800 barrier, a sudden spike in price may occur towards $0.000015800.
The initial obstacle lies at the $0.000011800 level. Once we surpass this hurdle, our attention can shift towards the first major challenge, which is situated near $0.000012000. A successful breakthrough at this point could trigger a significant upward trend in the token's value. In fact, if the token can maintain its position above $0.000012500, we may witness a remarkable surge in price, reaching as high as $0.000013000. Such a development could potentially lead to further advancements, propelling the price towards the $0.000015800 barrier.
If SHIBA fails to surpass the $0.000011800 barrier, it may experience a continued decline. The major support level is currently at $0.000011000, and if the price falls below this level, selling pressure could intensify. This could potentially push SHIBA towards the $0.000010500 support zone in the near term. In such a scenario, the price of SHIBA may fall in the short future towards the $0.000010000-$0.000009800 support zone.
KEY LEVELS :
RESISTANCE LEVEL : $0.000011800-$0.000012500
SUPPORT LEVEL : $0.000011000-$0.000010000
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
