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Shiba Inu is showing signs that a potential price reversal could be underway. SHIB is currently consolidating after bouncing off important support levels following a protracted downtrend over the previous few months.
The asset is facing many obstacles, but a recovery is not completely out of the question. SHIB's ability to rise higher will depend on a few key price points.
Potential reversal situation: SHIB's ability to keep its support above the 100-day EMA, which is presently at $0.00001664, is the first essential component of a reversal. SHIB will have created a strong foundation from which to launch a comeback if it can hold this level.
A sustained move above this support would indicate that buyers are stepping back in, and the sentiment may turn more positive. Holding above this level would boost confidence for additional gains as it has historically shown itself to be a significant support zone.
It would indicate that SHIB has enough momentum to challenge higher levels if it were to break above this price point. Recently this area has served as resistance; a breakthrough would allow SHIB to ascend in the direction of $0.00001900. Reaching this level would validate the reversal and draw in more buyers, paving the way for additional upward movement.
Alex DovbnyaImportant price points to keep an eye on:
Watch $0.00001664, which is the first critical support. SHIB needs to hold above this level to prevent further downside pressure and establish the potential for a reversal. A decline in price below this may indicate a return to bearish sentiment.
The $0.00001800 level is the next significant one. A breakout above this resistance would indicate a shift in market sentiment and would likely trigger a new wave of buying. When confirming a bullish reversal, this level is crucial.
The breakout target is $0.00001900. At $000001900, SHIB will next aim to break above $0.00001800. Should SHIB surpass this threshold, it would indicate that it has completely reversed its prior downward trend and could be getting ready for a longer-term upswing.
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