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Shiba Inu Price Analysis & Prediction (Feb 13th) – SHIB Looks For a Retest After a Weekly Breakdown, Down 2%

Michael Fasogbon by Michael Fasogbon
February 13, 2023
in News
Reading Time: 2 mins read
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Shiba Inu (SHIB)

Shiba Inu (SHIB)

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Shiba Inu saw a small correction this week after witnessing a dramatic increase throughout last month. It recently found support and now attempting to retest the weekly breakdown level.

Last month, Shiba Inu (SHIB) registered over 35% gains following the recovery that hit the entire crypto market. After the price was rejected at $0.0000157 a few days back, it fell and corrected lower.

It has found support above $0.0000112 and retested a crucial resistance level. The price is likely to rise in the coming week if that support level holds on a weekly scale.

The interesting thing is that the price is still trading well above the psychological level of $0.00001. However, there is still a chance for the asset to regain momentum. A fall below the mentioned price levels could trigger a deep correction.

As of now, it is still looking bullish on the higher time frame, but the momentum appears a bit weak. The setups look bearish on the lower time frame.

If the buyers act upon the current low and push above this week’s high, we should expect a huge price movement in the next. Such a scenario could come into play should Bitcoin stays calm for some days.

SHIB Key Levels To Watch Out For

shiba inu shib
Source: Tradingview

The 4 hours chart signals a potential buy. If this action plays out, the nearest resistance levels to consider are $0.000014 and $0.000157. A notable break above these levels should rally the price to a new high of $0.00016. 

SHIB holds several supports if selling pressure resumes. It would need to lose the current support level before dipping further. Below $0.0001, the support to keep in mind is $0.00000936 and $0.0000084.

Key Resistance Levels: $0.0000129, $0.000014, $0.0000157

Key Support Levels: $0.0000115, $0.000000105, $0.00000936

  • Spot Price: $0.0000129
  • Trend: Bearish
  • Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

Image Source: igorigorevich/123RF // Image Effects by Colorcinch

Tags: shiba inu coin
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