Coming days might be critical in determining whether SHIB can regain upward momentum
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That said, Shiba Inu's consolidation range has tightened since Aug. 5, with Shiba Inu unable to reach $0.000015. This consolidation has led to the market closely watching key resistance and support levels, with a significant support level where about 134 trillion SHIB are coming into view, as Shiba Inu struggles to break out from its recent price stagnation. Ethereum’s Vitalik Makes Major ETH Transfer to Krakendata, 134.46 trillion SHIB were bought in the range of $0.000008 to $0.
If this support level holds, it might provide the foundation needed for Shiba Inu to mount a significant breakout. On the other hand, a breach below this level might signal potential declines or perhaps, most likely, further consolidation for Shiba Inu's price. That said, the coming days or weeks might be critical in determining whether SHIB can regain its upward momentum or if it will face further consolidation.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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