Shiba Inu (SHIB) enthusiasts are at a critical moment, closely monitoring the cryptocurrency as it challenges a major resistance level.
Crypto analyst Rekt Capital has highlighted the importance of this juncture, noting that SHIB is currently in a phase of consolidation just below a key resistance point, a hurdle that needs to be overcome for SHIB to continue its upward journey.
Central to Rekt Capital’s analysis is the resistance level at 0.0000332, marked by a blue line on the charts.
This level has posed a significant challenge to SHIB’s upward momentum, leading to a sideways trading pattern. Currently, SHIB’s price is at 0.0000327, inching closer to breaking through this crucial resistance.
For SHIB to unlock its bullish potential, it must break through the 0.0000332 level decisively, turning it into solid support.
READ MORE: Bitcoin Halving Not ‘Fully Priced In’ as Fresh Rally Expected with $100,000 Target
Achieving this would open the door for SHIB to target the next resistance level at 0.0000473, marked by a black line on the charts.
The implications of breaking through the 0.0000332 level are significant. A successful breach could lead to a price increase of over 40% from its current position.
However, failing to surpass this resistance could result in extended consolidation or a potential pullback for SHIB.
The concept of support and resistance levels is dynamic, changing with market conditions and investor sentiment.
Yet, Rekt Capital’s analysis emphasizes the critical importance of the 0.0000332 level in determining SHIB’s short-term direction.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
