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Chart points up to 50% increase in the price of Shiba Inu, says analyst

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According to the analyst Akash Girimath, on FXStreet, the price of Shiba Inu is hovering around a crucial support level and shows signs of triggering a rapid rally.

According to him, the recent dip below this barrier suggests that market makers have already collected liquidity. Consequently, this indicates that the risk of a fall is relatively less.

The expert explained that Shiba Inu’s price reached $0.0000350 as a support floor after the December 4th flash crash. It then rose by nearly 14%.

However, the ensuing setback plunged the cryptocurrency below $0.0000327.

“After a brief rally, SHIB has rebounded again and is currently testing the $0.0000350 foothold, indicating the formation of a triple-touch configuration. Often, the third touch of this technical training is followed by a big increase in buying pressure,” he said.

Shiba Inu

As he pointed out, traders can expect the price of Shiba Inu to fluctuate well above the $0.0000380 ceiling and collect liquidity above it.

“This move will confirm the start of an uptrend. In addition, SHIB will likely continue its ascent to retest $0.0000448, constituting a 28% gain,” he pointed out.

In a bullish case, the price of Shiba Inu could extend beyond $0.0000448. Then it could go up to the resistance level of $0.0000522. This move would represent a 50% rise.

Chart points up to 50% increase in the price of Shiba Inu, says analyst

On the other hand, he pointed out that if SHIB fails to bounce off $0.0000350 support, consolidation could continue.

So, if selling pressure drops SHIB to less than $0.0000327, that will invalidate the bullish thesis.

“In that case, the price of Shiba Inu could venture lower and retest the December 4th low of $0.0000275,” he concluded

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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