Shiba

Based

Convergence

Shiba Inu

Rise

<p>Shiba Inu (SHIB) has once again captured the attention of the market, surging approximately 15% today after a brief consolidation period following the substantial gains witnessed in late February and early March. At the time of writing, SHIB is trading around $0.000035, marking an impressive 170% increase over the past week.</p>
<p>An analysis of the SHIB/USD chart reveals that since the launch of Shibarium in August, SHIB had been trading within a descending channel (depicted by the blue lines on the chart). However, a breakout occurred in late February, signaling the potential for a new bullish trend.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="541" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-316-1024x541.png" alt="" class="wp-image-450187" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-316-1024x541.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-316-300x158.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-316-767x405.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-316-1536x811.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-316-2048x1082.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-316-284x150.png 284w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-316-100x53.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-316-663x350.png 663w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-316-788x416.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-316.png 1467w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>When a cryptocurrency breaks out of a long-term channel, it often enters a “discovery mode,” where it attempts to establish new highs. In the case of <a class="wpil_keyword_link" href="https://captainaltcoin.com/shiba-inu-price-prediction/" title="SHIB" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">SHIB</a>, this led to a pump that reached $0.000045 before consolidating to its current levels.</p>
<p>Fibonacci extension levels indicate that the next price targets for SHIB are set at $0.0000385, in line with the 2.618 Fibonacci extension level, and $0.0000436, corresponding to the 4.236 Fibonacci extension level. On the flip side, the $0.000033 support level aligns with the 0.236 Fibonacci retracement level, while the next strong support is at $0.00003, in line with the 0.786 Fibonacci retracement level.</p>
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<p>An analysis of the Relative Strength Index (RSI) across various time frames reveals interesting insights. On the daily, weekly, 3-month, and 6-month charts, the RSI is hovering between 50 and 65, indicating a potentially bullish momentum. However, on the yearly chart, SHIB appears to be overbought, with the RSI currently at 84, suggesting potential for a correction in the longer term.</p>
<p>Additionally, the MACD (Moving Average Convergence Divergence) Line is currently below the MACD Signal Line, which could be interpreted as a bearish signal in the short term, as seen on the chart below:</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="543" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-317-1024x543.png" alt="" class="wp-image-450196" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-317-1024x543.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-317-300x159.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-317-767x407.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-317-1536x815.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-317-2048x1087.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-317-283x150.png 283w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-317-100x53.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-317-660x350.png 660w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-317-788x418.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-317.png 1466w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Based on the technical analysis, it is plausible that SHIB could continue its upward trajectory in the short term, potentially reaching the Fibonacci extension targets mentioned above.</p>
<p>However, the overbought conditions on the yearly chart and the bearish MACD signal suggest that a correction or consolidation period may follow before any sustained long-term uptrend.</p>
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<p>The post <a href="https://captainaltcoin.com/shiba-inu-shib-price-analysis-breakout-ignites-explosive-rally-but-heres-the-catch/" rel="noopener noreferrer nofollow">Shiba Inu (SHIB) Price Analysis: Breakout Ignites Explosive Rally, but Here’s the Catch</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Shiba Inu (SHIB) Price Analysis: Breakout Ignites Explosive Rally, but Here’s the Catch

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