Shiba Inu Broke Out of Downtrend since All time Highs – Technical Analysis

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Shiba Inu Broke out of Downtrend since the all time highs in November, 2021. With over 4 months of Downtrend, Shiba Inu finally breaks out of the Downtrend Channel indicating that Shiba Inu is Ready for the next Leg up.

This Break out might not be as useful if Bitcoin goes Down as the Altcoins tend to Follow Bitcoin, the whole market will go down including most of the coins.

So it’s Very Important factor for the Shiba Inu to Reach 0.00005500 in upcoming months, $0.00005500 looks Achievable without any major correction.

Have a look at the chart Image Below for Better Understanding

Shiba Inu Support Levels

Shiba Inu has Major Support Levels at around $0.00002000 – $0.00002100 Which is Very Unlikely to Break. This js just in case the worst case scenario for Shiba Inu if the market turns Bearish.

Shiba Inu Resistance Levels

Shiba Inu has Strong Resistance Levels at $0.00003000 which might be Hard to break Out of in the First Rally. Though if the Uptrend Continues Shiba Inu Will Break Out of that Resistance.

Shiba Inu Burn

According to Shibburn, more than half a billion SHIB had been burned in the last 24 hours.

It was shown on the website that a total of 598,032,837 SHIB had been burned, resulting in an increase in the burn rate of more than 1,892 percent.

Despite the fact that the Shiba Inu is currently stabilizing in a small range, it appears that a significant price movement is on the way.