The post Shiba Inu (SHIB) Smashes 11-Week Resistance, Sets Sights on $0.000081 appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB) has broken through an 11-week resistance level that had capped its price growth, marking a key momentum shift for the cryptocurrency. The SHIB/USD trading pair has shown a 10.52% increase from the previous week, indicating strong bullish sentiment in the market. Analysts project that a breakout in SHIB could lead to a 210% increase, pushing its value to $0.000081, just shy of its all-time high (ATH) of $0.00008845. The Shiba Inu (SHIB) cryptocurrency has recently demonstrated a change in its trading pattern, breaking through a persistent resistance level that had hindered its price growth for several weeks. This development signifies a crucial momentum shift for the digital asset, as it now aims for potentially higher targets. SHIB Breakout at $0.00002638 Shiba Inu has finally surpassed an 11-week resistance level that had been firmly established in early March, following a prolonged period of stagnant price movements. Market researcher Jake Wujastyk highlighted data on X (formerly Twitter), showing that the SHIB/USD trading pair began to climb, reaching a peak of $0.00004500 the same month. After this peak, the cryptocurrency experienced a period of decline, with no significant upward movement until mid-May 2024. However, the recent breakout trend last week is particularly noteworthy, as the weekly chart indicates a 10.52% increase from the previous week, suggesting strong bullish sentiment in the market. The recent upswing in Shiba Inu’s price comes after a period of sustained suppression by a resistance trendline. This trendline, formed by connecting the peak prices over several months, had effectively hindered any significant upward movement for the meme coin. Shiba Inu’s Potential Ascent to $0.000081 Market analysts remain bullish on Shiba Inu’s prospects for additional price appreciation. Analyst Javon Marks forecasted that a successful breakout in SHIB could catalyze a 210% surge in its value. Such a…

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Filed under: News - @ May 23, 2024 1:08 am