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Shiba Inu Looks To Resume Its Uptrend

By Crypto Briefing (Ali Martinez )CryptocurrencyNov 12, 2021 12:52AM ET
www.investing.com/analysis/shiba-inu-looks-to-resume-its-uptrend-200608164
Shiba Inu Looks To Resume Its Uptrend
By Crypto Briefing (Ali Martinez )   |  Nov 12, 2021 12:52AM ET
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Shiba Inu could soon enter a new bull run, but it has two significant resistance barriers to overcome.

Key Takeaways

  • Shiba Inu is up more than 15% in the past 16 hours.
  • The dog token's price has climbed to a critical area of resistance.
  • If SHIB slices through resistance at $0.000055, it could resume its uptrend.
  • Shiba Inu appears to be decoupling from the rest of the market after posting significant gains.
  • Although SHIB looks ready for further upside, it has several hurdles to overcome.

Shiba Inu Prepares to Break Out

Shiba Inu appears to have the strength to breach a critical resistance barrier and advance toward new all-time highs. The Dogecoin clone, part of a new breed of so-called “dog tokens,” has risen by more than 15% in the past 16 hours, despite the rest of the market struggling to recover from Wednesday’s flash crash.

The sudden bullish impulse has pushed SHIB beyond the upper trendline of a bull flag that developed on its six-hour chart. This bullish continuation pattern anticipates that Shiba Inu could advance another 200% if buy orders continue to pile up. A decisive six-hour candlestick close above the flag’s upper trendline at $0.000055 could ignite a new bull run toward $0.000175.

Shiba Inu 6-hour price chart.
Shiba Inu 6-hour price chart.

Transaction history shows that breaking through the $0.000055 resistance level may present some challenges. More than 18,000 have previously purchased over 26 trillion SHIB around this price level, based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model.

These token holders may attempt to break even on their long positions as prices rise, which would slow down the uptrend. However, a sustained breach of the supply wall could validate the optimistic outlook presented by the bull flag pattern.

SHIB - in/out of the money around price.
SHIB - in/out of the money around price.

It is worth noting that if Shiba Inu slices through the $0.000055 resistance, it will have to overcome another hurdle at $0.000059 to be able to achieve its upside potential. If it clears both supply barriers, SHIB will have no opposition ahead of a new all-time high at $0.000175.

Original Post

Shiba Inu Looks To Resume Its Uptrend
 

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Shiba Inu Looks To Resume Its Uptrend

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Comments (5)
Fhbffh hdbfh
Fhbffh hdbfh Nov 20, 2021 2:10AM ET
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The Sheba army is ready, I will buy 20 billion, and I will support it
Randall Paul
Randall Paul Nov 17, 2021 9:33AM ET
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still in a retrace at 000048. I noticed one of the youtube pump channels turned off comments after they received contrary comments due to their blatant misinformation. always using musk in the thumbnail and referring to robinhood etc.
Roselyn Cabatingan
Roselyn Cabatingan Nov 14, 2021 6:11PM ET
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shib chart is nice uptrend is still intact
Hamideh Rastipishe
Hamideh Rastipishe Nov 13, 2021 1:42AM ET
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Shiba Army has this potential
iman shahnameh
iman shahnameh Nov 12, 2021 3:48PM ET
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i wish!
 
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