Shiba Inu (SHIB) is showing promising signs of a potential price reversal after a period of extended downtrend. Following a bounce from crucial support levels, the cryptocurrency is now consolidating, and market indicators suggest a recovery could be in sight. While SHIB faces multiple obstacles, a price recovery isn’t entirely off the table. Its upward momentum will largely depend on key price points in the coming days.
Key Support at 100-Day EMA
A critical factor in SHIB’s reversal potential lies in its ability to maintain support above the 100-day Exponential Moving Average (EMA), currently set at $0.00001664. This support level is crucial, as it has historically acted as a strong foundation for the cryptocurrency. If SHIB can hold above this threshold, it will establish a solid base from which buyers can push the price higher.
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A sustained move above this key level would signify that market sentiment is turning more positive. With buyers reentering the market, confidence in additional gains could increase, helping SHIB build momentum for further upward movement.
Testing Resistance at $0.00001800
If SHIB manages to maintain support above $0.00001664, the next significant challenge will be breaking above the resistance level at $0.00001800. This price point has historically acted as resistance, and overcoming it would signal a clear shift in market sentiment.
SHIB/USDT Chart Source: TradingView
Such a breakout would likely trigger a fresh wave of buying interest, propelling SHIB toward higher price targets. A successful break above $0.00001800 would validate the potential for a broader reversal and open the door to further gains, drawing in additional buyers who may have been waiting on the sidelines.
Breakout Target of $0.00001900
The ultimate target for SHIB’s breakout would be $0.00001900. Surpassing this level would mark a complete reversal of the recent downward trend and suggest that the asset is poised for a longer-term upswing.
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Holding above this threshold would confirm a bullish sentiment and encourage more investors to enter the market. The key levels to watch are $0.00001664 and $0.00001800.
A sustained move above these points could pave the way for a significant recovery, while a failure to hold these levels may signal a return to bearish pressure.
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