Shiba Inu price consolidation is on the rise with a 28% appreciation. The Shiba Inu is seeing lower highs and lower lows that squeeze the price action around $0.0002179. SHIB price is set for a bullish breakout with few tailwinds present. Expect SHIB bulls to extend the price action above the 200-day SMA and potentially gain 24%. Detail cryptocoin.com‘in.
New levels for SHIB
SHIB has remained in consolidation with lower highs and higher lows since Jan 22. It looks like there will be a bullish boom supported by a series of tailwinds affecting global stocks led by the Nasdaq. Analyst Filip L. says wait for the bulls to climb above the 200-day Simple Moving Average (SMA) in the process and try to reach the 78.6% Fibonacci level of $0.00002782. Shiba Inu price may have hit a year low after hitting $0.00001730 on January 22.
The price on SHIB has gotten so intense that it’s time for a breakout. According to the analyst, these headwinds will turn into cryptocurrencies as global markets are at the forefront, laying the groundwork for a bullish breakout to $0.00002782 as a target. SHIB price will break the 200-day Simple Moving Average (SMA) at $0.00002562 in the process, which isn’t a big deal seeing as it’s only breached once. Bulls will instead want to look at $0.00002782, which is the 78.6% Fibonacci level and an important indicator that there may be an uptrend in the making. Any further upside will depend on how tailwinds behave as the 55-day SMA looks pretty heavy around $0.00003000.
Alternatively, the consolidation could look bearish as the bears trap the bulls and price action drops to $0.00001730, possibly even the monthly S1 support of $0.00001500. The reason for the bearish breakout may come from the very volatile economic data, which could start to point to a global recession with rising prices and worsening jobs again. This will trigger a global wave of risk aversion that could push cryptocurrencies into the background.
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