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Shiba Inu price stares at 40% advance as SHIB bounces off crucial support level

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  • Shiba Inu price underwent a massive downswing but found support at $0.00000625.
  • A resurgence of buying pressure at this barrier is likely to trigger a 40% upswing.
  • If SHIB breaks below the $0.00000519 range low, it will invalidate the bullish thesis.

Shiba Inu price witnessed a huge correction after it failed to climb above a critical resistance level. This downswing seems to have exhausted after retesting a key foothold, which could lead to a trend reversal.

Shiba Inu price aims for a higher high

Shiba Inu price dropped roughly 35% after tagging the 62% Fibonacci retracement level at $0.00000955. The support zone, ranging from $0.00000625 to $0.00000654, absorbed the selling pressure and pushed SHIB higher. If the buying pressure continues to rise, Shiba Inu price will more than likely flip the $0.00000759 and $0.00000811 resistance barriers into support levels.

If such a move occurs, it will confirm the start of a comeback, and investors can expect SHIB to take another jab at the 62% Fibonacci retracement level at $0.00000654. A successful reclaim of this barrier will open the path to 70.5 Fibonacci retracement level at $0.0000101.

This move would constitute a roughly 40% upswing from the current position.

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In some cases, Shiba Inu price might even make a run at $0.0000107, coinciding with the 79% Fibonacci retracement level.

SHIB/USDT 1-day chart

SHIB/USDT 1-day chart

While things look optimistic after the recent bounce from the $0.00000625 support level, investors need to keep an eye out for rejection at $0.00000811. Although the resulting downswing could bounce off the $0.00000625 foothold, a breakdown below it will invalidate the bullish thesis by setting up a lower low.

In this case, Shiba Inu price might crash 16% to tag the range low at $0.00000519.

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Shiba Inu is the most popular crypto on Twitter, ahead of Uniswap, Polkadot and Solana

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  • Dogecoin killer Shiba Inu now has over 908,000 followers on Twitter.
  • ShibaSwap, Shiba-Inu’s decentralized exchange, likely to launch another token.
  • Shiba Inu holders continue petitioning for Robinhood to list SHIB, gather over 184,000 signatures.

Shiba Inu has gained increasing popularity on social media. The dominance of the meme coin on Twitter has increased over the past eight weeks.

Shiba Inu crosses 900,000 followers on Twitter, becomes one of the most popular cryptocurrencies

Shiba Inu, started as a meme token, gained popularity as a “Dogecoin killer”. The token now has a market capitalization of $3.5 billion and announced earlier today that it crossed 900,000 followers on Twitter. 

Shiba Inu has now overtaken other cryptocurrencies in the top ten, including Solana, Polkadot and Uniswap, in social media dominance. The SHIB community is now anticipating the listing of the meme token on Robinhood, the commission-free exchange. 

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The petition for the token’s listing has now received 184,700 signatures from the community. 

SHIB has experienced an enormous spike in popularity on Twitter. It has surpassed Uniswap with 631,000, Solana with 622,800 and Litecoin with 768,200 followers. 

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Social media dominance has not triggered a bull run yet. However, analysts expect the memetoken to break out. 

Shiba Inu is now teasing a new development on its decentralized exchange, ShibaSwap. The token’s ecosystem has three cryptocurrencies: BONE, LEASH and SHIB. There is a possibility of another token getting added to the ecosystem. 

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FXStreet analysts expect SHIB price to rebound and target $0.00000900.

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Shiba Inu Bullish Flag Breakout – Will SHIB Price Kill A Zero to Hit $0.00001115?

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Popular cryptocurrencies weakened sharply over the past 24 hours due to a sudden spike in volatility. The majority of the altcoins crashed due to the overall weakness in the cryptocurrency market. As a result of the ongoing marketwide dump, BTC’s 24-hour losses lay in excess of the 5% mark.

Among the top Altcoin, Ethereum has lost 6.1%. Meanwhile, Cardano Price is one of the worst performers with an 8% loss. Meme Coins After being trapped inside a tight trading range for several days gradually declined in price. DOGE Price has plunged 9% trading at $0.2174, SHIB Price dropped by 2% trading at $0.000007503. 

Recently, Shiba Inu got listed on coinbase pro, and as a result, SHIB price surged more than 30 % in one day. Since the May crash, this was the highest single-day growth. With an extended rally, the token rose more than 55% from September 13th to 17th. However, the meme token failed to sustain the rally and retraced 17% since then the price is consolidating within the $0.00000963 level. 

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Shiba Inu Price Analysis 

At Press time the Dogekiller dropped by 2% trading at $0.000007503. SHIB made a false breakout of the resistance at $0.00000793 it seems that sideways trading is relevant. The immediate support lies at  $0.0000062, in case the SHIB Price drops below this level we can expect an extended bearish trend. 

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Now, SHIB is currently consolidating between two crucial barriers, anticipating a volatile move.

Will SHIB Price Reach $0.00001115 ? 

The meme token is currently consolidating between the $0.00000768 and $0.00000835 levels as the buying pressure is in the same league as selling pressure. Thus, we may expect the SHIB price to rally and test the major resistance level at $0.00000963. On a successful breakout, an extended uptrend can take the token price to $0.0000101 which is quite unlikely looking at the current market sentiments. 

On the flip side, if the SHIB price fails to hold $0.00000768 support, the price may drop near the $0.00000654 support level with a more than 15% plunge. However, the extended bearish trend can take the price down to the $0.00000549 level. 

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Shiba Inu price consolidates as SHIB bulls prepare for 22% advance

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  • Shiba Inu price rose 54% between September 13 and September 17 but failed to sustain itself.
  • As a result, SHIB retraced 17% and is consolidating in hopes of retesting the $0.00000963 level.
  • A breakdown of the $0.00000620 support floor will invalidate the bullish thesis.

Shiba Inu price rallied exponentially on September 16, slicing through plenty of resistance levels. However, the bullish momentum grew exhausted as it retested the August 16 swing high. Now, SHIB is currently consolidating between two crucial barriers, anticipating a volatile move.

Shiba Inu price prepares for another leg-up

Shiba Inu price climbed 54% starting September 13. However, the bulls disappeared as the uptrend extended beyond the August 16 swing high at $0.00000950. Since this point, SHIB retraced 22% as it sliced through the $0.00000768 support floor.

A resurgence of buying pressure seems to have matched the holders booking profits, leading to consolidation between the $0.00000768 and $0.00000835 barriers.

This development is typically followed by a burst in volatility, leading to a breakout of the price in either direction. Considering the big crypto’s bearish move over the weekend, the meme coin will likely rally, causing altcoins to do the same. Therefore, investors can expect Shiba Inu price to break out and trigger a 22% rally to retest the 62% Fibonacci retracement level at $0.00000963. In some cases, the uptrend might extend to the 70.5% Fibonacci retracement level at $0.0000101.

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SHIB/USDT 1-day chart

SHIB/USDT 1-day chart

On the other hand, if Shiba Inu price fails to hold above the $0.00000768 support floor, it will indicate that the sellers have taken control. In such a situation, investors can expect SHIB to slide 16% to retest the $0.00000654 and $0.00000625 demand barriers.

A decisive daily close below the $0.00000625 foothold without a quick recovery above $0.00000654 will invalidate the bullish thesis.

Such a move might trigger Shiba Inu price to slide 12% to retest the range low at $0.00000549.

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