Shiba Inu Price Analysis
Shiba inu chart is forming a bullish setup today as it gets ready to make a breakout from its trading range for the past 24 hours. The crypto asset is trading closely at its new support zone of $0.000063.
Shiba inu price chart is looking a bit positive today after the crypto asset traded the majority of the past 24 hours within a range of $0.000060 and $0.000070. the current price level is slightly above the support zone which is strengthening and might likely prevent a further decline in the assets price. The price has consolidated in the zone for a while now and is looking to gather momentum to make a price breakout and retest its All Time High (ATH) at the next resistance level at 0.00009.
The key resistance is located at the $0.00009 price level, and a further breakout from this level would see the memecoin reach a new ATH and make an upward movement to the 200 day EMA at $0.00015.
After this level we would be expecting the price to make a new higher low, as the ongoing retracement between 0.00006 to 0.00007 looks to be ending. Also using the Fibonacci retracement rules, further losses on the crypto asset should be ending soon. As the Fibonacci retracement levels of 0.00006 and 0.00007 looks to be a support zone.
Therefore the market is looking favorable for the bulls as price is likely to break the resistance level at $0.00009 and get to the $0.00015, if SHIB price is unable to break past the psychological $0.00009 level, then the price is likely to tumble back down to the support level of $0.00007.
Shiba inu has been a very strong market performer in the past month and this has seen the crypto asset make over 1000% growth just over a month and its still looking to rally to higher levels in the month of October as we are currently in the bull run season, and as we wait for the Robinhood listing of the SHIB.
In conclusion we can say that the current price level of SHIB in the chart looks optimistic for the bulls, so lets keep our fingers crossed as we anticipate a positive movement in the crypto asset.
Disclaimer: Please note that this information is not a trading advice and kudicast.com holds no liability for any investment made based on the information provided on this page.
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