- SHIB aims to break $0.000028 and target $0.000036 by April’s end.
- The recent 24% surge contrasts with broader market stagnation post-Bitcoin halving.
- Technical indicators and trader sentiment suggest a potential for SHIB’s upward momentum.
Shiba Inu (SHIB) is once again in motion, aiming to surpass the critical threshold of $0.000028 as it sets its sights on reaching $0.000036 before April’s end.
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Following Bitcoin’s recent halving, the cryptocurrency market had been stagnant, but SHIB injected a spark of activity with a remarkable 24% surge on Sunday. However, this momentum quickly tapered off, leaving SHIB at $0.00002748 on Tuesday.
In recent weeks, SHIB‘s price performance has been turbulent, witnessing a significant drop from its 2024 peak of $0.00004563 to test support levels near $0.00002. However, this decline reflects broader market trends, as the crypto market grapples with downturns exacerbated by geopolitical tensions and the aftermath of Bitcoin’s halving.
Technical indicators suggest potential resistance around the $0.000028 mark, but traders remain hopeful for a breakthrough. The 20-day EMA provides support around $0.000026, reinforced by the 200-day EMA and the 50-day EMA to mitigate further losses.
Traders closely monitor SHIB’s movement against key resistance levels and technical signals. A break above the descending trendline could signify increased trader risk appetite, fueling upward momentum toward the $0.000036 target.
Additionally, confirmation of bullish sentiment may come from the MACD indicator, with a blue MACD line crossing above the red signal line in the four-hour range. In the short to medium term, important targets for SHIB include $0.00003 and $0.000032, with the overarching aim of sustaining momentum towards the higher resistance at $0.000036.
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