Shiba Inu in a Clear Uptrend
Shiba Inu is currently experiencing a clear uptrend, with momentum favoring the bulls. The price has been consistently making higher highs since late June, indicating a strong upward trend. As a result, SHIB has continued to rise and may potentially reach the key resistance level at $0.0000094.
Key Support and Resistance Levels
Key support levels for SHIB are currently at $0.0000080, providing a strong foundation for the coin’s price. On the other hand, the key resistance levels are at $0.0000094, which could pose a challenge for further price growth.
Clear Higher Highs
Since late June, SHIB has consistently been reaching higher highs, which is a positive sign for the uptrend. This indicates that the demand for SHIB is increasing, potentially driving the price higher. However, it’s important to note that this meme coin has formed a bearish wedge pattern during its upward movement. This could result in a price break below the wedge once the key resistance at $0.0000094 is reached.
Potential Price Breakout
Once the key resistance level of $0.0000094 is reached, there is a possibility of a price breakout. If this happens, the price may experience a downward movement, potentially breaking below the bearish wedge pattern. It’s essential to closely monitor the price action at this level to assess the future direction of SHIB.
Hot Take
Shiba Inu’s clear uptrend and formation of higher highs indicate a positive outlook for the coin. However, the bearish wedge pattern and the upcoming key resistance level pose potential risks. Crypto readers should closely observe the price action to make informed decisions regarding SHIB.
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