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    Shiba Inu Price Prediction: SHIB primed for 10% rally

    Nguồn Fxstreet
    12/02/2024 10:17
    • Shiba Inu price has breached a declining trendline, suggesting strong signs of bullish momentum on the daily time frame.
    • A pullback to the $0.00920 support level seems likely before SHIB triggers a quick 10% bounce.
    • In some cases, SHIB could slide as low as $0.00872 before rallying, bringing the total gain to 15%.
    • Invalidation of the bullish thesis will occur if the dog-themed crypto flips $0.00872.

    Shiba Inu (SHIB) price has been on a downtrend for the last two months. However, the recent slowdown and sideways movement have led to a positive development that forecasts SHIB is likely to move higher.

    Also read: Dogecoin price eyes double digit gains as DOGE bulls make a comeback

    Shiba Inu price coils up for a bounce

    Shiba Inu price shed 32% between December 17, 2023, and January 3, 2024. Connecting the lower highs formed during that down move traces a declining trend line, which serves as a dynamic resistance level. 

    Shiba Inu breached this trend line on February 8 and then saw its price rally 8.50%. It is currently retracing, probably in preparation for the next up leg. The $0.00920 level is the first key support level that could serve as a launchpad for a bounce.

    If there is a spike in selling pressure across the board, however, then SHIB could retrace even lower before bouncing, collecting the sell-side liquidity below $0.00872. A quick liquidity run below this level, followed by a recovery, will be the first sign of an uptrend. 

    The eventual upside target for Shiba Inu price is the weekly resistance level at $0.0102, roughly 10% away from $0.00920 and 15% from $0.00872.

    The Relative Strength Index and Awesome Oscillator are both showcasing a surge in bullish momentum, supporting the optimistic outlook noted above.

    Also read: Dogecoin price struggles to recover despite fast-paced wallet growth

    SHIB/USDT 1-day chart

    SHIB/USDT 1-day chart

    While a sweep of $0.0872 will allow sidelined buyers a buying opportunity, a failure to recover above $0.00872 will signal a weak bullish camp. If SHIB flips the aforementioned level into a resistance level, it will invalidate the bullish thesis by producing a lower low.

    In such a case, Shiba Inu price could slide 6% to retest the $0.00821 support level. 

    Read more: Shiba Inu renews focus on digital identity in Shibarium for 2024

    Tuyên bố miễn trừ trách nhiệm: Chỉ dành cho mục đích thông tin. Hiệu suất trong quá khứ không đảm bảo cho kết quả trong tương lai.
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