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    Home » Price Analysis » SHIB’s Rally Continues: Here’s What You Need to Know (Shiba Inu Price Analysis)

    SHIB’s Rally Continues: Here’s What You Need to Know (Shiba Inu Price Analysis)

    Author: Duo Nine

    Last Updated Aug 12, 2023 @ 03:22

    SHIB’s breakout has turned into a significant rally that continues to gather momentum.

    Key Support levels: $0.000094

    Key Resistance levels: $0.0000106; $0.000012 

    1. Buyers Dominate

    The breakout point at $0.000094 has turned into support and buyers have not looked back even since they passed this level. Bulls continue to dominate with no sight of sellers at this time.

    SHIBUSDT_2023-08-11_14-28-13
    Chart by TradingView

    2. Rally Continues

    The first important resistance of this rally is found at $0.0000106. If the momentum continues to pick-up, then SHIB can target $0.000012 next. Considering the current price action, this memecoin has a good chance to reach these levels.

    SHIBUSDT_2023-08-11_14-28-57
    Chart by TradingView

    3. Momentum Picking-Up

    The MACD shows that the bullish momentum took no break this week, on the contrary, it intensified. This is shown by the histogram that has been making consistent higher highs since late July.

    SHIBUSDT_2023-08-11_14-29-58
    Chart by TradingView

    Bias

    The bias for SHIB is bullish.

    Short-Term Prediction for SHIB Price

    Keep your eyes on the resistance at $0.0000106 as sellers could appear there. If they don’t manage to push back the price in a significant way, then expect buyers to aim for $0.000012.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Shiba Inu (SHIB)
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a crypto educator and a seasoned technical analyst with over seven years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left this space. He also has a cool crypto community on Discord with over 3,500 members where he posts charts, opinions on the market and guides new members. Contact: Twitter | Community

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