Shiba Inu (SHIB) Set for Upswing. Here’s the Price Target

Shiba Inu is currently exhibiting signs of a potential price surge as technical indicators and bullish chart formations align. With growing investor interest in meme-based assets and a generally stable broader crypto market, the asset could be on the brink of a notable breakout. Shiba Inu Attempts Breakout Above Resistance Over the last seven days, SHIB has posted a 17.25% gain, contributing to the meme coin market cap increase to $47.46 billion. Amid Bitcoin’s continued trade above $88,000, attention has shifted toward altcoins like SHIB, which are beginning to demonstrate early recovery signals. On the 4-hour chart, Shiba Inu has shown resilience after rebounding from a key psychological support level at $0.00001045. This rebound has led to a test of the $0.00001266 resistance zone, which aligns with the 50% Fibonacci retracement level. The presence of a bullish “Adam and Eve” bottoming pattern has further reinforced bullish sentiment, with the neckline situated at this critical resistance. Technical Indicators Reflect Momentum Shift As SHIB progresses through its recovery, the asset has moved above its 50,100, and 200 Exponential Moving Averages (EMAs) in the 4-hour timeframe. Although a short-term bearish divergence has appeared in the Relative Strength Index (RSI), the convergence of moving averages indicates improved short-term momentum. At present, SHIB has broken above the 38.2% Fibonacci level previously noted at $0.00001210 and is currently trading at $0.00001363. This could open the door for an advance toward $0.00001534. However, in the event of a downturn, immediate support lies at $0.00001140, followed by a stronger base at $0.00001045. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Analyst Commentary Suggests Growing Optimism Cryptocurrency analyst Ali Martinez has also identified potential for upward movement in SHIB. His evaluation of the weekly chart points to a buy signal issued by the TD Sequential indicator, suggesting a possible trend reversal. Martinez has previously outlined major support levels at $0.00001150 and $0.00000815, while noting resistance at the $0.000020 mark. Derivatives Market Shows Shift Toward Bullish Positioning In recent trading sessions, the derivatives market has reflected growing confidence in SHIB’s short-term outlook. According to Coinglass , the long-to-short ratio for SHIB has risen from 0.8936 to 0.9908 over three days. During this time, the proportion of long positions climbed from 47.19% to 49.77%, signaling increased optimism among traders. This shift in market sentiment, combined with technical support and chart patterns, suggests that the asset could be entering a new phase of price appreciation. The current breakout would likely serve as confirmation, potentially driving SHIB toward the anticipated $0.000015 target in the near term. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Shiba Inu (SHIB) Set for Upswing. Here’s the Price Target appeared first on Times Tabloid .

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