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The Bullish and Bearish Case for Shiba Inu (SHIB) Price

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Written & Edited by
Bary Rahma

01 May 2024 20:30 UTC
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  • SHIB may reach new highs or sink due to key technical levels.
  • Bullish SHIB signals hint at a potential rise to $0.000072323.
  • Bearish risk if SHIB dips below $0.000021, may trigger selling.
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Shiba Inu (SHIB) stands at a critical point. As traders watch closely, SHIB faces potential turning points that could propel it to new highs or see it plummet to new lows. 

With key technical levels coming into play and market sentiment swinging, the meme coin’s immediate future is fraught with promising opportunities and significant risks.

The Dual Outlook on Shiba Inu (SHIB)

Shiba Inu (SHIB) is currently teetering on a precarious edge. A crucial technical level supports the meme coin hovering around $0.000021, the 100-day Exponential Moving Average (EMA). 

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This indicator is vital for SHIB’s short-term trajectory, serving as a psychological comfort for traders. Indeed, A breach below this level could send the price tumbling to the next significant support at the 200-day EMA, potentially dropping below $0.000010.

Shiba Inu Price Analysis
Shiba Inu Price Analysis. Source: TradingView

Conversely, SHIB has some potential bullish signals on the horizon. A bull flag formation on SHIB’s daily chart suggests that SHIB could be setting up for a significant upward move. 

Despite recent declines and broader market uncertainties impacting altcoins, there is anticipation of a bullish breakout targeting a rise to $0.000051. Resistance levels are currently seen at $0.000023 and $0.000025.

Overcoming these barriers could propel SHIB into a bullish zone, reigniting investor interest and possibly signaling a broader recovery in the cryptocurrency market. 

Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

Shiba Inu Price Analysis
Shiba Inu Price Analysis. Source: TradingView

However, a sustained dip below $0.000021 could trigger extensive selling, eroding recent gains and dampening market sentiment.

As the crypto market navigates through turbulent waters, Shiba Inu stands at a crossroads. Its ability to maintain above pivotal support levels or break through resistance will likely dictate its path. 

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.