On TradingView, analyst MMBTtrader suggests that Shiba Inu (SHIB) may be poised for a significant price increase, potentially reaching $0.00003 in the short term. This prediction is based on strong daily support levels around $0.00001 and $0.000005, which could facilitate a pump in price.
Technical Indicators Align
Another analyst, Maks Klimenko, has observed a reversal pattern following a sweep of key lows around $0.00001333. The MACD indicator on the daily timeframe supports this view, showing a bullish divergence as the histogram turns positive and the MACD line crosses above the signal line. This momentum shift suggests that bearish forces are weakening, and bulls are beginning to dominate.
A higher low pattern has been identified on the Shiba Inu chart, signaling a potential trend reversal. This pattern indicates growing buying interest, suggesting that the selling pressure is diminishing. Currently trading near the 50-day EMA, SHIB’s next move could be crucial. Holding above this level may trigger a price surge while falling below could lead to further declines.
Ecosystem Development Support Price Recovery
Recent developments in the Shiba Inu ecosystem also hint at a positive trend reversal. The increased adoption by platforms like NowPayments enhances SHIB’s position within the crypto ecosystem, possibly contributing to the anticipated price recovery.
The analysis suggests that Shiba Inu is navigating crucial support and resistance levels, striving to overcome its monthly lows. The identified support zones are considered strong, and the possibility of a pump from these levels is highlighted. However, resistance zones between $0.00002 and $0.00005 could challenge the price increase.
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The target level for this move is approximately $0.00002024, further reinforcing the potential for price growth. The MACD’s bullish signals align with MMBTtrader’s analysis, indicating a possible upward trend for Shiba Inu.
The confluence of technical indicators and ecosystem developments suggests a potential price recovery for Shiba Inu. While there are challenges to overcome, the analysis presents a compelling case for a short-term price increase. As always, investors should exercise caution and consider multiple perspectives before making investment decisions.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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