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Shiba Inu Braces for Ultra Bullish Breakout: Is SHIB Price Rally Imminent?

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Tue, 26/03/2024 - 10:14
Shiba Inu Braces for Ultra Bullish Breakout: Is SHIB Price Rally Imminent?
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The price of Shiba Inu (SHIB), the meme-inspired cryptocurrency, has seen a notable surge of over 4% since the beginning of the week, reclaiming its position at $0.00003 per token. What's catching attention, however, is the significance of this particular level to SHIB's recent price movements.

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Reflecting on the late February to early March rally, during which SHIB prices soared by almost 400%, breaching the $0.3 per token threshold and hitting highs of $0.45 before undergoing a substantial correction, a pattern emerges. Each time SHIB approached the $0.00003 mark, buyers seemed to step in, propelling prices upwards. However, every attempt to breach this level faced resistance, resulting in sell-offs.

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SHIB to USD by CoinMarketCap

In the past 13 hours, the SHIB price have once again shown upward momentum, with an attempt to surpass the $0.3 resistance point, albeit unsuccessfully. Despite this setback, the persistent growth trajectory and the resilience exhibited by the SHIB price suggest the potential for a bullish breakout, should the $0.00003 threshold be decisively surpassed.

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With March drawing to a close amid a crypto market riding high on a three-year bull run, speculation mounts regarding the possibility of a second rally for Shiba Inu. Amid this speculation, attention remains focused on the imminent potential for SHIB to chart a new course, possibly marking a significant turning point in its price trajectory.

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