The price of Shiba Inu is up today, following Dogecoin to continue the past week of positive actions. It has continued to reiterate action as it taps a new high today. Let’s look at how far it can go.
The latest Bitcoin surge in volatility ahead of this month’s CPI release has led Dogecoin and Shiba Inu into their greens over the past hours.
Shiba Inu started the first week of the year on a bullish note, but the setup was sluggish due to choppy price actions. The price continued to rise and notably tapped a three-week high of $0.000009 on the first day of the week.
Following a 4.8% daily increase, the Dogecoin Killer – SHIBA, charges higher and continues to look for more gains. It may also tap the November 2022 drop level of $0.0000093 if the asset shows more signs of strength.
However, this recovery pattern is similar to that of June and October 2022, which made the price surge to $0.000018 and $0.000015 before rolling lower. The price may retest the resistance trend line if this pattern plays.
It appears the buying volume is still low at the moment. If SHIB turns weak again and the price closes below the daily low, the reverse would be the case for the current short-term bullish.
SHIB Key Levels To Watch Out For
Moving higher, the resistance level to look up, for now, is $0.00000935 and potentially $0.0000105 if the price advance higher. The key target level for the ongoing recovery is $0.0000115. A rally above this level would validate a bridge of the resistance trend line.
The $0.0000083 level serves as close support on the daily graph. It holds a three-week low at $0.0000078, followed by $0.00000715 – the 2022 low. A new low should be expected if the price drops and collapses beneath all these lows.
Key Resistance Levels: $0.00000935, $0.0000105, $0.0000115
Key Support Levels: $0.0000083, $0.0000078, $0.00000715
- Spot Price: $0.0000089
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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