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Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Shiba Inu (SHIB) has once again made headlines by soaring past the significant price threshold of approximately $0.00001. This move is not just a fleeting jump but a crucial breakthrough that should solidify the token’s position on the market. The latest chart analysis indicates that SHIB has not only approached but exceeded a historically challenging resistance level. This breakthrough is particularly noteworthy as it happened at least three times throughout the year.  SHIB/USDT Chart by TradingView The price movement has been underpinned by a rising trend line, indicating sustained buying pressure. In addition, the moving averages have formed a bullish alignment, providing a strong backdrop for the recent price action. However, it is paramount for SHIB to now establish support above this newfound peak to prevent a repeat of past patterns where gains disappeared quickly. The current market sentiment shows a divergence from previous rallies, where SHIB’s surges were often short-lived. The broader bullish phase on the cryptocurrency market in 2023 could lay a more stable foundation for Shiba Inu’s growth. If SHIB can maintain its momentum and keep its footing above the $0.00001 mark, it could be poised for further advances. Traders will be looking for patterns such as consolidation or a continuation pattern to form above the current levels, which would indicate the likelihood of…

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Filed under: News - @ December 7, 2023 1:26 am