Shiba Inu prepares for another increase after consolidating above a key level for days. A surge in volatility is expected as soon as Dogecoin shows a strong sign of strength above its immediate resistance level.
Just a few hours ago, Shiba Inu saw a quick rebound after slipping to around the $0.000011 level two days ago. This rebound was led by the latest surge in Bitcoin’s price, which puts the price back above $23k.
Shiba Inu sets for more gains and looks ready for another rally. After the price increased slightly above the solid resistance line in the past month, it consolidated for two weeks and held well above the $0.00001 level.
This resistance line now serves as a support for the market. If the line continues to suppress bearish actions, we may see an upward price movement any moment from now. Falling below this mentioned line will activate the much-anticipated correction.
But the case seems to be different, considering the bulls’ commitment over the past weeks. Shiba’s price actions keep looking positive despite the recent loss across the market.
December 2022 low remains base support for SHIB from a long-term perspective. Should the price drop below that low, Shiba may collapse to $0.0000035 in what would be considered a fresh decline. As of now, no sign of such a bearish scenario in the market.
SHIB Key Levels To Watch Out For
Shiba’s price is up 2% today, and we can expect more if the crypto market continues to paint greens. The $0.0000129 level remains a crucial resistance to consider for a swing high. The nearest resistance level above it is $0.000014 and $0.0000152. It will target $0.000018 if the push continues.
While last week’s low of $0.00000111 serves as support, the next support to watch out for is $0.00001. The levels to watch below this support are $0.00000936 and the $0.000008 level
Key Resistance Levels: $0.0000129, $0.000014, $0.0000152
Key Support Levels: $0.000011, $0.00000010, $0.00000936
- Spot Price: $0.0000119
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: kviztln/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/shiba-inu-price-analysis-predictrion-feb-5th-shib-may-start-another-rally-if-the-price-stays-above-this-crucial-level/