Shiba Inu

Memecoin

Memecoin darling Shiba Inu (SHIB) has seen a remarkable price resurgence over the past week. After consolidating between $0.0000055 and $0.000008 for months in an ascending triangle, SHIB finally broke out upwards surpassing the key psychological barrier of $0.00001. 
As of writing, SHIB is trading at $0.00001015, up over 16% in the last 24 hours. Trading volume has skyrocketed to over $850 million indicating strong interest behind the rally. 
Technical analysis by <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true">altFins</a> provides insights into SHIB’s potential next moves: 
<ul> 
 <li>The triangle breakout signals a bullish trend reversal after months of decline. SHIB appears positioned to test overhead resistance around the $0.000010 and $0.000012 levels.</li> 
 <li>Key momentum indicators like the MACD and RSI line up with the bullish setup, showing growing positive traction.</li> 
 <li>Near-term support now likely lies between $0.000008 and $0.0000055 based on the ascending triangle’s lower trendline.</li> 
</ul> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2023/08/image-160-1024x573.png" alt="" class="wp-image-305507" srcset="https://captainaltcoin.com/wp-content/uploads/2023/08/image-160-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-160-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-160-767x429.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-160-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-160-2048x1146.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-160-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-160-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-160-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-160-788x441.png 788w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
Driving force behind the breakout seems to be excitement around the upcoming mainnet launch of Shibarium. The layer-2 scaling solution could significantly expand SHIB’s utility. The protocol also aims to burn SHIB tokens reducing circulating supply. 
While promising, the rally warrants measured optimism. 
SHIB remains in a long-term downtrend and faces historical resistance around $0.000012. 
Traders should watch key levels outlined above and practice sound risk management. But with Shibarium on the horizon, SHIB may continue its bullish form in the short-term. 
The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/shiba-inu-just-killed-a-zero-all-eyes-on-this-level-now/">Shiba Inu Just Killed a Zero! All Eyes On This Level Now</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.

Shiba Inu Just Killed a Zero! All Eyes On This Level Now

CaptainAltcoin

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