NEW DELHI (CoinChapter.com) — SHIB’s price tripled in a few days, and the bulls showed no weakness. Shiba Inu could extend its rally toward $0.000055 or even $0.000080 in the coming weeks.
Shiba Inu Price Breaches $0.000040
In the last few days, we saw a massive rally in SHIB, DOGE, PEPE, and a few other meme cryptocurrencies. Shiba Inu started its surge after forming a base above the $0.000008 level. There was a clear move above the $0.000010 to enter a positive zone.
The price cleared a major bearish trend line with resistance at $0.0000110 on the weekly chart and settled well above the 50-week simple moving average (blue).
SHIB price surged above the 23.6% Fib retracement level of the downward move from the $0.0000889 swing high to the $0.000006 low. It gained over 300% in a few days, outperforming Bitcoin, and there are no signs of bulls slowing down.
However, Shiba Inu is now approaching a key resistance near the $0.0000475 level. It is close to the 50% Fib retracement level of the downward move from the $0.0000889 swing high to the $0.000006 low. A clear move above the $0.0000475 resistance could open the doors for more upsides in the coming days.
The next key resistance is near the $0.0000575 zone. A close above the $0.0000575 resistance could send the price toward the $0.000070 level. The main stop for the bulls could be $0.00008.
Recently, SHIB team announced that the 1.1 version of its SNS is coming. There was a short halt of all transfers to take a snapshot that will be used to airdrop the replaced new Shib names.
Are Dips Supported In SHIB?
Conversely, SHIB price might start a downside correction from $0.000045. Immediate support on the downside is near the $0.0000365 level. The first major support is near the $0.000035 level.
A close below the $0.000035 support zone could send the price toward the $0.000030 pivot level. Any more losses might signal a reversal and could send the price toward the $0.000015 support zone.
Overall, SHIB is showing signs of a strong uptrend. If Shiba Inu price clears the $0.0000475 hurdle, it could rally further toward $0.0000575 or even $0.000080 in the near term. Conversely, the price might correct lower and revisit the $0.000030 support.
