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Shiba Inu (SHIB) Price Shows Signs of Recovery — But Can It Last?
The price of Shiba Inu (SHIB), a popular meme cryptocurrency, has recently demonstrated signs of recovery after experiencing a significant downturn. The chart below shows the current situation.
USD Daily Chart, Courtesy: TradingView
As depicted in the chart, SHIB has been making an upward move over the past few days. While this is a positive sign for investors and traders alike, it remains unclear whether this trend will continue or not.
In order to determine the potential of Shiba Inu’s recovery, we must closely examine its current position on the market. It appears that SHIB has reached resistance at $0.000014, which may prove to be a crucial level in determining the asset’s future performance.
A successful breakout above this resistance could potentially lead to further gains and ignite bullish sentiment among investors. On the other hand, failure to surpass resistance could trigger another pullback, forcing traders to re-evaluate their positions and reassess their risk exposure.
The moving averages 50 and 200 are at $0.0000142 and $0.0000191 respectively. A break above these levels would certainly kickstart a fresh uptrend for Shiba Inu.
As the cryptocurrency market remains uncertain, it is crucial for SHIB holders to be cautious and closely monitor its performance over the coming days. Any further insights or updates will be provided as necessary.
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Source: https://u.today/shiba-inu-shib-price-shows-signs-of-recovery-but-can-it-last
