🔥🔥$SHIB Price Analysis: Reasons Why #SHİB Poised To Hit $0.0001 In 2024🔥🔥
✅The analysis of Shiba Inu Coin's price suggests that buyers are gaining an upper hand, indicating a potential run-up to close the week above $0.00003. This momentum is fueled by growing interest in #memecoin🚀🚀🚀 amidst struggles in the Bitcoin market.
✅Shiba Inu Coin saw a 4% increase to $0.00002341, supported by a significant 162% surge in 24-hour trading volume to $475 million. The market cap also rose by 5% to $13.8 billion, reinforcing bullish sentiment.
✅Bullish indicators include the rebounding Relative Strength Index (RSI) and reclaiming support from the 20-day and 50-day Exponential Moving Averages (EMAs).
✅Traders are closely monitoring SHIB's response to immediate descending trend line resistance, with a potential breakout above the 200-day EMA.
✅Initial support lies at the grey band, but failure could lead to seeking support at lower levels, including the 50-day and 20-day EMAs, and the red band support around $0.000021.
✅Long-term investors are advised to employ dollar-cost averaging techniques for optimal returns.
✅An expected breakout above $0.00003 could ignite FOMO and drive SHIB to a new all-time high above $0.0001.
✅Blockchain data from IntoTheBlock (ITB) indicates potential sell-side pressure as SHIB recovers, with a congestion zone at $0.000025.
✅Weak support levels are identified in the IOMAP model, with a possibility of retesting $0.00002 if selling pressure increases drastically.
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