Shiba

bullish

Momentum

Shiba Inu

Shiba Inu (SHIB) is approaching a critical point, with a potential breakout from a symmetrical triangle formation. Market analyst, <a href="https://x.com/ChartingGuy/status/1838016191199383675?t=-ApSHaCtcJIvshDtCCj77g&amp;s=19" rel="noopener noreferrer nofollow">Charting Guy</a> has observed that the asset is primed for a significant upward movement, which could see it reaching a price target of $0.00008841, levels last seen in late 2021.
The symmetrical triangle pattern, often viewed as a consolidation indicator, has been forming over the past few months. The lower trendline began taking shape in May, while the upper trendline developed following a sharp price drop from <a href="https://timestabloid.com/stern-bitcoin-critic-peter-schiff-urged-to-buy-shib/" rel="noopener noreferrer nofollow">SHIB’s</a> yearly high of $0.000045 in March 2023. As these trendlines converge, they indicate that a breakout could occur soon, either upward or downward.
<h2 id="strong-key-levels-to-watch-strong">Key Levels to Watch</h2>
Currently, the token is <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">trading at $0.00001444</a>, with Fibonacci retracement levels serving as key points of resistance and support. The 0.236 Fibonacci level acts as a strong support zone for the bulls, who are expected to defend this level if prices move lower.
If the asset breaks upward, it will first encounter resistance at $0.00001643, which represents the highs from mid-August. This is the final barrier before SHIB could challenge the psychological level of $0.00002. After which the next major resistance is at the 0.5 Fibonacci retracement level of $0.00002266, followed by further resistance at $0.00003124 and $0.00003967.
However, one of the strongest resistance points lies between $0.000024 and $0.000030, where a significant number of investors previously purchased large amounts.
According to <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=financials&amp;chart=inAndOut" rel="noopener noreferrer nofollow">IntoTheBlock</a>, approximately 143,380 addresses bought 49.33 trillion SHIB at an average price of $0.000027, creating a large sell wall within this range. Overcoming this resistance would place the asset in a position to retest its March high of $0.00004581 and push toward the $0.00008841 target.
On the downside, while a move toward lower support levels of $0.000008411 and $0.000005808 is possible, it remains unlikely. The token has not revisited these lower levels in several months, and the <a href="https://www.tradingview.com/symbols/SHIBUSD/technicals/" rel="noopener noreferrer nofollow">current Relative Strength Index (RSI)</a> reading of 47 suggests market sentiment is neutral but leans toward a potential upward push.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 We are on twitter, follow us to connect with us :- <a href="https://twitter.com/TimesTabloid1?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@TimesTabloid1</a>
 — TimesTabloid (@TimesTabloid1) <a href="https://twitter.com/TimesTabloid1/status/1680250907504656385?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 15, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="b-bullish-momentum-strengthens-b">Bullish Momentum Strengthens</h2>
Recent data indicates that buying pressure from bulls has outweighed selling pressure from bears. Since mid-September, daily bullish purchases of the asset have consistently surpassed sales by bearish traders. On September 20, over 3 trillion SHIB were purchased by bulls, outpacing sales by 117.1 billion tokens. This marked the highest buying excess since early September.
Additionally, large transactions involving the token continued to be above 1 trillion tokens daily since September 16, with only one exception on September 18, when the volume briefly dipped to 604 billion tokens.
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.
Follow us on <a href="https://twitter.com/TimesTabloid1" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.facebook.com/timestabloid/" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://t.me/markettabloid" rel="noopener noreferrer nofollow">Telegram</a>, and <a href="https://news.google.com/publications/CAAqLAgKIiZDQklTRmdnTWFoSUtFSFJwYldWemRHRmliRzlwWkM1amIyMG9BQVAB?hl=en-US&amp;gl=US&amp;ceid=US%3Aen" rel="noopener noreferrer nofollow">Google News</a>
The post <a href="https://timestabloid.com/market-strategist-says-shiba-inu-shib-is-ready-sets-price-target/" rel="noopener noreferrer nofollow">Market Strategist Says Shiba Inu (SHIB) Is Ready, Sets Price Target</a> appeared first on <a href="https://timestabloid.com" rel="noopener noreferrer nofollow">Times Tabloid</a>.

Market Strategist Says Shiba Inu (SHIB) Is Ready, Sets Price Target

Table of Contents

Times Tabloid

Other articles published on Sep 24, 2024

Is a Shiba Inu (SHIB) Bullish Breakout Looming? Top Analyst Weighs In

Mining 1 Bitcoin Costs 240 Times More in Ireland Than in Iran

Here Are 4 Cryptocurrencies To Buy Amid Recent Whale Activity In The Crypto Market

Neiro Ethereum Joins Forces with DWF Labs

EasyA announces the EasyA x Polkadot University, the world’s first university focused on blockcha...

Ireland eyes MiCA guardrails to democratize finance with crypto

Join our free newsletter for daily crypto updates!