Shiba Inu (SHIB) Shows Bullish Signs as Prices Approach Key Levels

Shiba Inu (SHIB) exhibits a bullish pattern on the verge of a price rebound after its decline since December 2023. Currently trading at around $0.00000921, SHIB has witnessed a 3.74% increase, rising from its recent low of $0.0000088 on February 6. The price recovery positions SHIB to break through the significant $224 trillion SHIB barrier, potentially triggering a new wave of buying pressure and momentum.

The trading range for SHIB spans between $0.000009 and $0.000013, with this substantial quantity of SHIB acquired at an average price of $0.000011. A whopping 224.03 trillion SHIB was purchased by 309,040 addresses near the current trading level, forming a resistance level for sustained upward price movement.

If SHIB manages to surpass this resistance within the mentioned range with strong momentum, it may unleash a new wave of buying pressure, propelling the price to the next resistance level at $0.000016. This level, where 422.01 trillion SHIB was bought at an average price of $0.000016 by 89,640 addresses, presents a potential challenging point for bullish traders. This range is situated between $0.000013 and $0.000019.

On the flip side, if the bulls fail to lift SHIB’s price, with the $224 trillion SHIB level in the way, the next support level for SHIB is at $0.000009. This level, where 28.97 trillion SHIB was purchased by 67,210 addresses, serves as a critical support zone.

READ MORE New Speculations Arise Following Cryptic Tweet in the Shiba Inu Community

Adding to the intrigue, Shiba Inu’s leader, Shitoshi Kusama, stirred curiosity with a cryptic tweet: “Confirmation with the youth. Nice meeting you!” While Kusama provided no hints on how to interpret his tweet, various possibilities are being considered. In early 2024, Shiba Inu revealed its direction for the year, announcing a collaboration with D3, the official identity provider. Shibarium also joined forces with K9 Finance as a partner.

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