With a bearish correction this week, Shiba Inu navigates laterally around the 38.20% Fibonacci level at $0.0000095. A 2% drop this week forms a bearish candle and hampers the bullish turnaround rally from the $0.00000839 level.
Nevertheless, the higher low formation in Shiba Inu continues and prepares to challenge the constant resistance of $0.00001043. Further, the rising sentiments of hope in the market with the ongoing recovery improves the chances of a breakout in the SHIB price trend.
Source: Tradingview
Currently, the SHIB price is trading at $0.00000953 with a minimal intraday move, forming a Doji at the 38.20% Fib level. Further, the buyers successfully defend their dominance at the $0.0000090 mark, leading to lower price rejections.
Therefore, with the demand at lower levels, the upcoming trend will likely fuel the meme coin prices with a bull run. As per the price action, the breakout of the 50% Fibonacci level will be a pivotal point in the Shiba Inu price trend. A breakout can result in a high-momentum bull run in March and can lead to a new 52-week high.
However, despite the lesser chances of a reversal, the SHIB price could retest the $0.0000095 mark if the sellers remain dominant.
As per OpenAI’s ChatGPT, the Shiba Inu meme coin can continue the bull run in the coming weeks. This could lead to a bullish March for the meme coin, and buyers might witness a breakout run above the $0.000010 mark.
As per the prediction, the SHIB price could challenge the 78.60% Fib level at $0.00001264. Moreover, the AI also shares a more bullish target of $0.000014 mark if the buyers sustain momentum.
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