January 28, 2023
  • Shiba In has seen its price gain 21% after breaching the declining trend line on 19 March.
  • Another market structure shift suggests 30% returns for the meme token.
  • A daily candle close beneath $0.0000205 will cancel SHIB’s bullish thesis.

Shiba Inu arrives at a crucial junction as it continues its northward journey. Flipping this obstacle into a footing will be vital to catalyze more upswings for the meme coin.

SHIB Price at Crossroads

Shiba Inu had gained nearly 21% since overcoming its downtrends on 19 March. This reversal move triggered SHIB bulls to propel the token past the resistance barrier of $0.0000231 to retest the obstacle that stretches between $0.0000252 and $0.0000269.

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This resistance zone has been critical since 10 January, absorbing buying and selling pressure. Therefore, the latest retest has SHIB at crossroads; successfully flipping the obstacle to support will show bulls in control, whereas failure will potentially trigger retracements towards $0.0000231.

Either way, enthusiasts can accumulate the canine-themed token at $0.0000231 and add their position I Shiba Inu holds beyond $0.0000269. Such a move will clear the road for bulls to eye the critical barrier near $0.0000352.

That would translate to a 33% upsurge from Shiba Inu’s current price and a 52% ascent from $0.0000231. Investors that executed long positions might take profits at this value area.

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Though the latest upward move, SHIB, like other alts, relies on Bitcoin’s directional bias for upcoming price reactions. A flash crash by BTC will jeopardize Shiba Inu’s bullish outlook. A 24-hour candlestick close under $0.0000205 will annul SHIB’s bullish narrative by forming a lower low. Such a development might catalyze a 17% drop towards the $0.0000170 mark.

Crypto tracking service Shibburn reveals Shiba Inu burned massive tokens over the previous week and within the past 24hrs. @shibburn’s Sunday tweet highlighted that the network destroyed 2,604,802,620 tokens within the past seven days.

Also, three businesses plan to join the token burning trend through NOWPayments. Burning crypto assets makes the token scarce, boosting its value. While publishing this blog, Shiba Inu exchanged hands around $0.00002634, following a 7% surge over the past day.

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Stay around for more crypto updates.


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