Price Explosion! Expect These From Shiba Inu (SHIB)

Shiba Inu price is tightening, which brought the SHIB uptrend back to $0.000088, according to analyst Filip L. Shiba Inu price completed a bearish triangle with a break below $0.00004465. SHIB price then saw the bulls immediately step in and support the price, forming a squeeze. Expect a bullish break above the red descending trendline and open a reversal to $0.00005500. Detail‘in.

Will the Shiba Inu continue where it left off?

The Shiba Inu (SHIB) price has been following a downward trend since the end of October. However, after the bottom was breached at $0.00004465, the bulls quickly started taking SHIB price. Expect an initial phase where the bulls extend the price action to $0.00005500 before reaching $0.00008800 in a few weeks. According to Analyst Filip L., SHIB price will eventually rally with a rapid price burst towards US$0.00005500. Buyers will jump in increasing numbers after the red descending trendline is broken. This will likely be followed by a burst on the buy side of the SHIB price. However, price demand will likely overheat later on and it may even rally beyond $0.00005500 to the 38.2% Fibonacci level of $0.00006889.

SHIB/USD daily chart

The bulls have a good fight but that will depend a lot on a breakout of the red descending trendline. If they default on this attempt, wait for the bears to defend this trendline once again. See the continuation of the downtrend with the break of this intermediate support line and test the 55-day Simple Moving Average (SMA) around $0.00004000. A further push would see a test towards the 78.6% Fibonacci level from the $0.0002782 low.

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