Shiba Inu (SHIB) is struggling through difficulties as bull traders try to break above a key level
Posted: February 14, 2024 10:29 AM Updated: February 14, 2024 10:30 AM
Correction and fact check date: February 14, 2024, 10:29 AM
briefly
Shiba Inu faces challenges despite recent surge, bull traders have stepped up their efforts and managed to break above the critical area of $0.000009500.
Ethereum-based altcoin Shiba Inu (SHIB) is facing challenges despite its recent surge, urging bullish traders to strengthen their positions and step up efforts to surpass the critical area of $0.000009500. Buyers also demonstrate a willingness to transition out of the accumulation phase with the aim of changing the overall narrative.
Since the beginning of the year, Shiba Inu has experienced significant market volatility characterized by a dominance of sellers, and a significant surge is needed for the altcoin to regain strength. As of this writing, Shiba Inu’s native token, SHIB, is trading at $0.000009659, up 2.7% over the past 24 hours based on data from CoinMarketCap.
Shiba Inu Main Level
Currently, key resistance levels for Shiba Inu are identified as $0.000011050 and $0.0000120, while important support levels are observed at $0.00000840 and $0.00000750.
But despite recent increases in value, Shiba Inus face challenges on their upward trajectory. The buyer decided to exceed the practical area of $0.000009500. Nonetheless, overcoming the recent difficulties in cryptocurrency prices still remains an obstacle. The continued bullish pressure reflects their determination to strengthen and drive prices higher. A successful breakthrough at this level therefore holds the potential to reshape the entire market narrative.
The Bollinger Band indicator on the daily chart shows a gradual contraction, suggesting a potential rise in volatility. Bull traders are hoping to gain greater control over the market. If successful, more substantial expansion could be possible this week and next.
In the short term, this indicates that buyers are positioning themselves for expansion and are prepared to push prices higher. Additionally, a breach beyond the market level of $0.000009500 could open the opportunity for a further breakout.
The recent bullish momentum may indicate optimism about opportunities extending beyond the $0.000009500 hurdle. However, ongoing concerns about the Shiba Inu’s trajectory require vigilant monitoring.
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About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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