SHIB’s price has tripled in the last few days and the bulls have shown no weakness. hiba inu It is predicted that it may extend its rally to $0.000055 or even $0.000080 in the coming weeks.
The Price of Shiba Inu Exceeds $0.000040
SHIB, DOGE, PEPE and several other meme cryptocurrencies have seen a massive rally in the last few days. Shiba Inu started to rise after forming a base above the $0.000008 level. The price made a clear move above $0.000010 to move into a positive zone.
On the weekly chart, the price cleared a major bearish trend line with resistance at $0.0000110 and settled well above the 50-week simple moving average (blue).
SHIB price moved above the 23.6% Fibonacci retracement level of the downward move from the $0.0000889 high to $0.000006 low. It has outperformed Bitcoin, gaining over 300% in a matter of days, and there are no signs of the bulls slowing down.
However, Shiba Inu is now approaching a key resistance near the $0.0000475 level. This level is near the 50% Fibonacci retracement level of the downward move from the $0.0000889 low to $0.000006 low. A clear move above the $0.0000475 resistance could open the doors for more gains in the coming days.
The next key resistance is near the $0.0000575 region. A close above the $0.0000575 resistance could guide the price towards the $0.000070 level. The main stop for the bulls could be $0.000080.
Recently the SHIB team announced the arrival of version 1.1 of SNS. A brief pause in all transfers to take a snapshot that will be used to publish the new changed Shib names done.
📣 Attention #SHIBARMY
The 1.1 version of our SNS is coming tomorrow 👀
🛑 In the next 2 hours, we’ll stop all transfers of current name tokens and after it we’ll take a snapshot that will be used to airdrop the replaced new *Shib names in collaboration with @D3inc 🪂
🔄Stay…
— Shib (@Shibtoken) March 4, 2024
Are Drops Supported in SHIB?
Conversely, SHIB price might start a downside correction from $0.000045. Immediate support on the downside is near the $0.0000365 level. The first major support is near the $0.000035 level.
A close below the $0.000035 support zone could send the price towards the $0.000030 pivot level. Any further losses could signal a reversal and push the price towards the $0.000015 support zone.
Overall, SHIB shows signs of a strong uptrend. If Shiba Inu price clears the $0.0000475 hurdle, it could rally towards $0.0000575 or even $0.000080 in the near term. But conversely, the price could decline and retest the $0.000030 support.
