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Shiba Inu Skyrockets 12%: Is Bigger Move Ahead?
In recent market action, Shiba Inu (SHIB) has made a stunning comeback, surging by 12% in a single day. The significant price increase has left many wondering if this upward trend will continue or reverse.
As the cryptocurrency’s value continues to skyrocket, analysts are closely monitoring key support and resistance levels. According to recent data, the ability to break through the daily SMA 50 at $0.0000252 could signal a continuation of the upward trend, potentially leading to further gains.
A decisive break above this level could pave the way for SHIB to target the $0.000033 high. Conversely, a failure to breach the 50-day SMA could see SHIB retrace and retest the $0.0000185 support range.
Market sentiment remains cautious, with traders closely monitoring Shiba Inu’s price action to determine where it trends next following the recent massive sell-off. A breakout could signal further bullish momentum, while a rejection may result in consolidation or a retest of support.
Tomiwabold Olajide, an experienced cryptocurrency analyst, is urging caution when considering future SHIB trades. “We are watching closely for any significant market developments,” he stated.
Source: u.today
