Shiba Inu Price Primed for Bullish Breakout on One Condition

Veteran crypto analyst marks the timing for Shiba Inuโ€™s breakout in two most probable scenarios.

Shiba Inu and shiba dev about to use the time machine.
Created by Kornelija Poderskytฤ— from DailyCoin
  • Shiba Inu bumps into decisive resistance at $0.00001.
  • Veteran trader details two of the most likely scenarios for SHIB.
  • Shibariumโ€™s Shytoshi Kusama teases a major announcement.

Shiba Inu (SHIB) continues to linger around the make-or-break price range of $0.00001. In the early hours of Friday, SHIB again dropped a zero to reach the daily heights of $0.00001013, but added it back in 6 hours.

While the upward trajectory of Shiba Inuโ€™s price beyond the daily high is still on the cards, chart analyst Ali Martinez shared an insightful forecast of two possible options for Shiba Inuโ€™s forthcoming price movement.

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Martinez explained that a voyage to $0.000014 levels is possible after a 10-month hiatus. The expert explains that SHIB has traded in a descending parallel channel since September 2022.

Currently, the navigation in the downward channel is coming to a close. According to the trader, the likelihood of a bullish breakout depends heavily on where SHIB ends on the weekly close position.

To reclaim the $0.000014 price for SHIB, the decisive moment underlies the pivotal resistance at approximately $0.00001. However, if Shiba Inu fails to sustain above the barricade without the additional zero, it could send the canine coin down to a pullback to $0.000008.

Year-End Surprise for SHIB Army Incoming?

In other related news, Shibariumโ€™s lead developer, Shytoshi Kusama, stepped in to give a heads-up to the Shiba Inu community about a โ€œvery big announcementโ€ next week.

Kusamaโ€™s message on Telegram was reposted on X by SHIB’s Marketing Lead, Lucie. The timing of this update coincided with Shibariumโ€™s Layer-2 mainnet soaring past 113 million transactions. This trading activity milestone is considered bullish for Shiba Inuโ€™s burning mechanism, as the tsunami of transfers had already contributed to a hefty 8.2B SHIB burn.

On the Flipside

  • A heated debate on X depicts puzzled Shiba Inu holders wondering about the whereabouts of the Shiba Inu cumulative burn, which was initially slated for December 14, 2023.
  • Shibarium L2 community developers insisted that delayed SHIB burns were due to a major security breach on Ledger, which affected the majority of dApps. Still, the reasoning is not confirmed by SHIB Token.

Why This Matters

Technical analysis by experienced traders shows the cryptocurrencyโ€™s specifications without the social sentiment.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaลกevskis is a DailyCoin Journalist, covering memecoins & latest developments. Tadas has moderate holdings in SHIB, HBAR, LTC, MATIC and a selection of low-cap meme currencies.

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