Shiba Inu (SHIB) is poised for a potential surge as bulls gear up to overcome a crucial resistance barrier.
Crypto Rand (@crypto_rand), a respected crypto trader, shared this news with a chart on X. According to him, SHIB is on the cusp of breaking through a bullish pennant confluence on the horizontal resistance.
$SHIB breaching up the bullish pennant confluence with the horizontal resistance. Primed setup 🔥 pic.twitter.com/VJTYnMcsfo
— Crypto Rand 🇪🇺 (@crypto_rand) November 5, 2023
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A Strong Foundation for Shiba Inu (SHIB) Ascent
Crypto Rand’s analysis draws attention to Shiba Inu’s current setup which could end up in a rally. This assessment is based on a chart that illustrates SHIB’s growth trajectory since the beginning of the year.
While Shiba Inu (SHIB) is currently trading at $0.000008201, down 1.24% in 24 hours, it stands in a relatively favorable position, as it is up 4.92% in the past seven days and 13.66% in the past month.
SHIB is still trading below its peak price for the year. It soared above $0.000015 back in February. After that, SHIB saw a dip to $0.000006555 in mid-June. Notably, this price level played a vital role as a crucial support level, causing a rebound.
Shiba Inu (SHIB) Headed for $0.00001?
Following this rebound, SHIB encountered significant resistance at the $0.000008 mark. A breakout eventually occurred in August, pushing the price to $0.00001071. This breakout came with the excitement surrounding the relaunch of Shibarium by the Shiba Inu team.
However, an issue in the performance of the layer-2 scaling solution led to a selloff, causing SHIB to revisit the mid-June low of $0.000006555 on October 19. If historical patterns repeat themselves, there’s potential for the bulls in the market to erase another zero, pushing SHIB to $0.00001.
Now that SHIB has successfully overcome the $0.000008 resistance zone, the possibility of a breakout candle could strengthen the bullish sentiment in the market.
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Hope for Shiba Inu (SHIB) Growth
The Shiba Inu community maintains an optimistic outlook for the token, particularly concerning retesting the $0.00001 level, which is already a short-term target.
Shibarium also presents a promising avenue to stimulate demand and work towards achieving the $0.1 price target. Supporters believe that reaching this milestone will depend on a combination of internal and external factors, including the potential approval of a Bitcoin spot ETF in the United States.
Shiba Inu is at a critical juncture, with the potential for a bullish breakout. The historical context, along with recent developments, paints a good picture, driving optimism in the Shiba Inu community.
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