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Shiba Inu (SHIB) Charts Signal Big August Move: Key Levels to Watch
The crypto market is abuzz with the latest developments in the Shiba Inu (SHIB) charts, as experts predict a significant move for the token in the month of August. According to recent analysis by $SHIB KNIGHT, the current price action suggests that SHIB is coiled and poised for a breakout.
As seen on the daily chart, SHIB has been stuck near the 1553 downtrend line after three failed attempts to break it. This resistance level has proven difficult for the token in the past, but if it can finally clear this hurdle, there could be significant upside potential.
The key levels to watch will be a breakout above $0.000002 and a retest of $0.000006. If SHIB can hold its ground at $0.000002, early August may be quiet as the market consolidates before the next move. However, once this level is breached, we could see significant gains to $0.000003-$0.000004.
On the flip side, if the price fails to clear the $0.000001 support and falls below it with higher volume, a slide to $0.0000008 or worse becomes increasingly likely.
Traders looking to capitalize on this potential move should be cautious and maintain tight risk management strategies. With the market in a state of high uncertainty, it’s essential to have firm stop levels in place to minimize losses.
Market participants will need to closely monitor key drivers such as SHIB’s network updates, large wallet movements, and shifts in the overall crypto market sentiment – particularly the trajectory of Bitcoin (BTC).
Source: www.tronweekly.com
