Shiba Inu (SHIB) has attracted a lot of attention in recent weeks after surging 80% from recent lows. According to an analysis by InvestingHaven, the coin could rise another 75% if it maintains its current support and breaks through crucial resistance levels. The coming days will determine SHIB’s share price development, with ambitious goals in prospect.
Strong support and major resistance levels
SHIB’s recent rise has taken the coin to a critical Fibonacci support, which InvestingHaven believes is an important signal for future price movements. This level acts as a fundamental turning point. If SHIB manages to break through the resistance at $0.000026, the path is open to higher levels, with an initial price target at $0.0000444 and an ambitious peak target of $0.0000555 in 2024.
At the same time, the support zone around $0.000023 remains a key area to watch. Should SHIB fall below this level, the currency could enter a phase of consolidation, which would dampen the bullish outlook.
Resilience after correction
After an impressive rally of 80%, a correction of 25% followed, pushing SHIB into a consolidation phase. Still, current price movements show that the currency remains resilient, supported by strong buying interest. Analysts point out that breaking the resistance around $0.000028 could create new confidence in the market, opening the door to further gains.
“SHIB’s current price action shows that the market remains bullish despite recent corrections,” InvestingHaven said in their analysis. “If SHIB maintains the current momentum, we could be gearing up for a new phase of price discovery.”
Technical and psychological factors
In addition to technical signals, psychological factors also play a role. The $0.000045 level is seen as an important milestone, not only because of its technical relevance, but also because of its psychological impact. Investors and traders could view this level as a trigger for a new wave of buying activity.
Current volume remains stable, suggesting the market is in a wait-and-see mode. This could indicate an impending breakout, where a successful break above resistance levels could move the market sharply.
Focus on 2024: Can SHIB Start a New Bull Run?
The coming weeks will be crucial for the price development of Shiba Inu. If the coin manages to hold current levels and break through resistance levels, it could mark the start of a new bull run in 2024. However, investors are warned of possible consolidations or pullbacks if momentum is not maintained.
With ambitious price targets on the horizon and a market that continues to develop, Shiba Inu remains one of the most talked about projects in the crypto world. Both retail and institutional investors are eagerly watching the next move of this popular meme coin.
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Source: https://newsbit.nl/shiba-inu-op-koers-voor-75-winst-belangrijke-prijsdoelen-gedeeld/
