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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Aug 11, 2023 12:26 UTC
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SHIB Price Analysis: With Golden Crossover Growing Close, SHIB Ready For A 15% Jump!
SHIB prices jump by 3.02% in the last 24 hours, reflecting a solid post-retest reversal from $0.00000908.
SHIB prices resurface above the 200-day EMA, increasing the golden crossover chances.
Leading to a potential new high, SHIB prices present $0.000010 breakout.
In the past 60 days, the SHIB prices have established a robust support trendline, contributing to a 53.96% surge. The price pattern maintains its upward momentum, with a retest of the $0.0000090 breakout on the horizon.
The imminent launch of Shibarium has heightened speculation. Core developers have emphasized the pivotal integration of Self-Sovereign Identity (SSI) into SHIB’s layer two, which is essential for future growth prospects.
The SHIB coin has experienced a consistent decline since March 2023, marked by a resistance trendline and culminating in a death cross. This negative trajectory was propelled by a significant overhead resistance at the $0.000012 mark, resulting in a 43% drop in value by June 2023.
However, signs indicate that the bearish phase has reached its limit, and Shiba Inu’s prices have embarked on a bullish reversal at $0.000006677. This shift is indicative of a growing positive sentiment towards the meme coin, reinforced by the unwavering support of the SHIB Army.
Additionally, the prospects of a golden crossover are on the rise, in line with the strengthening 50-day EMA.
Fueled by enhanced market sentiment and increasing demand, the Shiba Inu coin price is poised to surpass the $0.000010 threshold this week. There is room for optimism, with forecasts suggesting a potential climb to $0.00001179 by the close of August.
Conversely, a dip below the $0.0000090 mark could prompt a retest of the support trendline, potentially triggering an 8% decline.
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