Shiba Inu Gains 15% As Price Breaks Out Of Range; Will Price Perform Like DOGE?
October 29 2022 - 8:54AM
NEWSBTC
SHIB’s price shows strength as it bounces from a downtrend range
price rallied to a high of $0.0000122 with eyes set on
$0.0000135. SHIB could rally more as the price creates more
bullish bias breaking out of its range channel with good volume as
SHIB army could push the price to $0.0000135. SHIB’s price
remains strong on the daily timeframe above the 50 Exponential
Moving Average (EMA) as the price aims for more rallies. The price
of Shiba Inu (SHIB)has had a tough time dealing with this current
bear market, with the price suffering so much decline in the past
six months. The crypto market is looking increasingly welcoming as
many altcoins continue producing over 30% gains. The likes of DOGE
have seen some great runs in recent times rallying from a low of
$0.055 to a high of $0.1 after the news broke out of Elon Musk
taking over Twitter, considering he is referred to as DOGE father.
This has affected DOGE positively, with many speculating if Shiba
Inu (SHIB) can follow in the footstep of DOGE. (Data from Binance)
Related Reading: Shiba Inu Facing Tough Hurdles For Weeks – How
Could SHIB Overcome These? Shiba Inu (SHIB) Price Analysis On The
Weekly Chart. SHIB has struggled to regain its bullish momentum in
recent times; despite the uncertainty that has befallen the crypto
space, the price of SHIB hasn’t enjoyed a measure of relief after
showing so much strength on the weekly to how its key support zone
of around $0.00000850. After the price of SHIB rallied to a high of
$0.00004, the price has faced rejection to break higher to a region
of $0.00007, and the price has continued to struggle to stay
afloat, considering how tough the crypto market has been lately.
The price of SHIB dropped to a low of $0.00000800 after rejection
from the high of $0.00004; the price of SHIB bounced from that
region to a high of $0.000017, where the price was rejected into a
range channel. Weekly resistance for the price of SHIB –
$0.00002. Weekly Support for the price of SHIB – $0.00000800. Price
Analysis Of SHIB On The Daily (1D) Chart In the daily timeframe,
the price of SHIB continues to look strong as the price narrowly
broke out of its range; it has found itself for the past few
days. SHIB currently trades at $0.00001220, just above its
key Support formed at 50 EMA after forming a range channel as the
price builds more strength to break out for a rally.
The price of SHIB needs to hold above $0.000012 for the price to
trend higher to a region of $0.000013 and possibly $0.00002, which
is a key supply zone for most traders. Daily resistance for
the SHIB price – $0.000013. Daily Support for the SHIB price –
$0.00000950. Related Reading: Polygon (MATIC) Keeps Shining With
Over 12% Gain In Value Featured Image From Adobe, Charts From
Tradingview
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