2024-10-17 17:24 |
Amid fluctuating price trends in the cryptocurrency market, Shiba Inu (SHIB) continues to experience significant volatility, facing persistent challenges at its resistance levels.
Over the past 20 days, the meme coin has encountered rejection six times, raising questions about its ability to break through its current barriers.
As Shiba Inu traders remain watchful, the critical question arises: will SHIB surge toward the $0.000030 mark, or will it consolidate shortly?
Despite Bitcoin stabilizing above $67,000, Shiba Inu’s price has dipped approximately 5% in the last day, with trading volume hitting $415.09 million—a decline of 35.20%.
This downturn comes as SHIB has formed a symmetrical triangle pattern on the daily time frame, a development that suggests potential breakout opportunities.
Currently, the meme coin hovers near its resistance trendline, indicating an increased likelihood of a bullish movement.
Source: TradingView
Analyzing technical indicators reveals a complex sentiment surrounding Shiba Inu.
The 50-day and 200-day Exponential Moving Averages (EMA) are showing an uptick in bullish sentiment, hinting at a possible Golden Cross formation in the daily time frame.
This development often signals a bullish reversal, making it crucial for traders to monitor SHIB’s price action closely.
However, the Moving Average Convergence Divergence (MACD) indicator suggests a more neutral stance, with its averages reflecting a flatline on the price chart. This mixed sentiment implies that traders should remain cautious in the upcoming week.
Potential price movements for SHIBShould a bullish breakout occur, Shiba Inu could retest its resistance level at $0.00002350.
Sustained bullish momentum may propel SHIB toward the upper resistance level of $0.000030.
Conversely, if bearish sentiment takes hold, the meme coin may revisit its immediate support level at $0.0000170.
A continuation of bearish dominance could lead to a decline toward the lower support levels of the triangle pattern, further testing investor sentiment.
In a bold prediction, renowned cryptocurrency expert Jake Gagain has asserted that Shiba Inu could achieve a staggering market capitalization of $100 billion.
In a recent post on X, Gagain pledged to delete his account if SHIB fails to meet this ambitious target, adding fuel to the speculative fire surrounding the memecoin’s future.
JAKE@JakeGagain·Follow$SHIB To 100 Billion Or I Delete My X Account.
8:38 AM · Oct 17, 2024326ReplyCopy linkRead 161 repliesAs Shiba Inu navigates its current challenges and potential breakout points, all eyes remain on its ability to overcome resistance and capture the attention of both new and seasoned investors in the volatile crypto landscape.
The current momentum indicates significant potential for continued growth. With decreasing supply on exchanges and rising demand, SHIB may soon target $0.00003 or higher. Investors need to closely monitor the coin as it approaches its next critical resistance levels.
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