Shiba

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Shiba Inu

<ul>
 <li>Shiba Inu has broken out of a descending triangle pattern, signaling a potential bullish reversal.</li>
 <li>The 50-day moving average is above the 100-day moving average, indicating a medium-term bullish crossover.</li>
 <li>CoinCodex predicts SHIB could rise by 227.43% to $0.00007788 by June 14, 2024.</li>
</ul>
Shiba Inu (SHIB) has recently reached a crucial technical milestone by breaking out of a descending triangle pattern. This breakout is marked by the price closing above the upper trendline, potentially indicating the start of a prolonged upward movement.&nbsp;
One important technical indicator backing this positive outlook is the alignment of the 50-day and 100-day moving averages. Currently, the 50-day moving average sits above the 100-day moving average, suggesting a medium-term bullish crossover. However, <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">SHIB’s price</a> remains below both moving averages, highlighting the need for sustained upward momentum to confirm a long-term bullish trend.
The Relative Strength Index (RSI) is around 45, which is within the neutral zone. To build a solid foundation for potential gains, it is essential for SHIB to maintain its position above key support levels, notably around $0.000021 and $0.00001817. Staying above these levels could provide a strong base for future upward trends.
Conversely, the immediate resistance level to monitor is approximately $0.000024. Breaking past this resistance could lead to testing the next significant resistance at $0.000026. Overcoming these resistance levels with strong trading volume could result in a more extended rally.
CoinCodex’s current <a href="https://coincodex.com/crypto/shiba-inu/price-prediction/" rel="noopener noreferrer nofollow">price prediction for Shiba Inu</a> forecasts a promising future, with an expected increase of 227.43%, potentially reaching $0.00007788 by June 14, 2024. Market sentiment, according to various technical indicators, remains bullish. The Fear &amp; Greed Index stands at 64, indicating a greedy sentiment among investors.
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The post <a href="https://cryptonewsland.com/shiba-inu-breaks-out-of-descending-triangle-signals-potential-bullish-run/" rel="noopener noreferrer nofollow">Shiba Inu Breaks Out of Descending Triangle, Signals Potential Bullish Run</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Shiba Inu Breaks Out of Descending Triangle, Signals Potential Bullish Run

Crypto News Land

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