🔥💥Anticipating a Potential Upturn in Shiba Inu: Is a Rally Imminent?
Shiba Inu (#SHIB) recently broke free from the downward trend, signaling a potential upward movement amidst the selling pressure on meme coins.Meme coins, including Shiba Inu, faced a downturn following Bitcoin's decline, with SHIB being notably impacted. However, the coin managed to break the falling trend from a critical support level, sparking optimism among investors. What lies ahead for SHIB?
Shiba Inu's Technical Outlook:
After a dip from $0.00004417 to $0.0000240 within days, Shiba Inu experienced a brief period of uncertainty. However, with Bitcoin surpassing $65,000 and SHIB breaking its downtrend, confidence surged, attracting buyers. Currently holding above a key support level, SHIB's trajectory appears linked to meme coin trends and overall market sentiment.
Potential Scenarios for Shiba Inu:
If meme coin enthusiasm persists and Bitcoin and Ethereum show strength or maintain their positive momentum, SHIB could target levels around $0.00003507 – 0.00004448 and 0.00005434. Conversely, a downside scenario could lead to retracements towards $0.00002536 – 0.00001699 and 0.00001031. A breach below $0.00001031, the pivotal point for an upswing, would favor sellers in the market dynamics.
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