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Shiba Inu price pulls back as SHIB bulls plan 22% rise

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  • Shiba Inu price rose 10% in the last three days and re-tested the $0.00000768 resistance level.
  • The current pullback is likely to be followed by an 18% rise to $0.00000835.
  • In some cases, SHIB may return to the support area, ranging from $0.00000625 to $0.00000654.

Shiba Inu price has reduced its consolidation within a larger range in recent days. However, the overall trend seems to be bullish due to the formation of consecutive higher lows.

Shiba Inu

MetaNews.

Shiba Inu price faces a momentary blockade.

SHIB price increased about 10% since September 28 as it met the support level of $0.00000768. Bulls have failed to break this resistance level and are currently leading to a pullback.

Investors can expect Shiba Inu’s price to break through this barrier and continue moving higher if the overall market structure turns bullish like yesterday. While this is an optimistic scenario, a likely outcome would be a pullback to $0.00000684.

The correction will give buyers a chance to recover and restart the uptrend. Taking the bulls’ hypothesis into account, market participants can forecast that SHIB will break above $0.00000768 and climb to $0.00000835.

This move would constitute a 22% upside.

Alternatively, if Shiba Inu price does not hold above $0.00000684, it will lead to a retest of $0.00000654 or $0.00000625, where buyers may have another chance to start the bullish rally.

Nonetheless, if none of the aforementioned supports hold, the dog-themed cryptocurrency will likely achieve a decisive close below $0.00000625, invalidating the bullish thesis.

In that case, the Shiba Inu price could extend the decline and retest the range low at $0.00000549.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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