Can Shiba Inu (SHIB) Reach 3 Cents？ Analyzing the Path Ahead

Shiba Inu (SHIB) has captured investor attention as its price consolidates within a narrow price range. Traders speculate on its potential to achieve significant price milestones, such as reaching three cents.

Over the last 24 hours, SHIBs price displayed resilience within a narrow range, showing signs of consolidation. This could suggest a possible breakout on the horizon.

As per Coinmarketcap data at press time, SHIB‘s price is currently hovering around $0.00002749, investors are closely monitoring key levels that could determine the token’s next move. Right now, sentiment seems balanced, but traders want to know if SHIB has the strength to reach its targets.

Key Support and Resistance Levels Signal Market Strength

SHIBs immediate support level sits at $0.00002726, a critical zone that has been tested twice in the past day. Both times, buyers stepped in, creating a rebound and demonstrating resilience.

However, on the upper side, the immediate resistance level lies at $0.0000283. When SHIB spiked to this level, selling pressure intensified, leading to a pullback. Hence, SHIB is currently trading within a tight range of $0.0000270 to $0.0000283, reflecting indecision in the market.

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Breaking above $0.0000283 is essential for bullish momentum to take hold. Conversely, a drop below $0.00002726 could push the price lower, potentially testing support near $0.0000270. These levels are crucial for determining whether SHIB can break free from its current range.

Technical Indicators Suggest Consolidation Phase

Shiba Inus 1-day Relative Strength Index (RSI) is currently 50.44, which indicates a neutral zone. This means that SHIB is neither overbought nor oversold, which supports the idea that it is consolidating. Also, the 1-day Moving Average Convergence Divergence (MACD) indicator is below the signal line, suggesting potential short-term downward pressure.