Shiba Inu (SHIB) technical analysis: Is $0.0000283 target achievable?
Shiba Inu (SHIB) holds steady above the 200 EMA and $0.0000176 support, showing potential for upward movement. With key resistance at $0.0000215, a breakout could pave the way toward $0.0000283. Market sentiment supports further gains.
Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
Overview
Shiba Inu ($SHIB) is showcasing a solid technical structure on the daily timeframe. With the 200 EMA providing a strong base, $SHIB appears well-supported, especially as it consolidates and contracts sideways. Since tapping the $0.0000215 resistance, SHIB has retraced to this foundational support, creating a favourable setup on the charts.Daily timeframe analysis
Shiba Inu has been steady around its 200 EMA, which has formed a reliable support zone, indicating potential strength in the asset's base. After breaking down from the yellow uptrend trendline about 10 days ago, $SHIB experienced a quick liquidity grab below the trendline, briefly dipping but quickly recovering, tapping into the 200 EMA.It reversed sharply in the next candle, reclaiming the 200 EMA and moving above the $0.0000176 level, a key support zone. Currently, $SHIB is showing signs of stability and trading above both the 200 EMA and the $0.0000176 support, which provides a sturdy platform for potential upward movement.
Potential scenarios
- Upside: Should $SHIB maintain its position above the 200 EMA and the $0.0000176 support, there is room for it to rally up to the $0.0000215 resistance level. A successful break above this level could trigger further momentum, with a medium-term target around the $0.0000283 area.
- Downside: If $SHIB fails to sustain above the 200 EMA, we could see a pullback to retest previous support levels, though current indicators suggest a stable base.
Cryptonary's take
With solid support around the 200 EMA and the consolidation in this range, $SHIB is positioned for a potential upward move. While the meme sector remains highly speculative, $SHIB's price action and technical support suggest a possible continuation to higher levels if broader market sentiment aligns.100% Success Money Back Guarantee
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