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Shiba Inu Price Analysis: SHIB Explodes 20% on Breakout but Bulls Meet Resistance

Key Support level: $0.000050; $0.000044
Key Resistance level: $0.000055; $0.000063
SHIB bulls managed to push the price all the way to the resistance at $0.000055 after breaking away from the blue triangle. At one point, the price was up about 20% from the daily low.
The bullish signals hinting at this possibility were already discussed in our last SHIB analysis from yesterday. The current price action confirmed this scenario, and if the bulls manage to turn the top of this descending triangle into support at around $0.000050, they have a good chance to break above the current resistance. If not, the bears may take over again.
Note that this latest rejection at resistance can be interpreted as another lower low on the chart. The bulls really need to push higher if the trend is to change. Therefore, any celebrations might be premature.
Chart by TradingView
Technical Indicators of SHIB Price
Trading Volume: Good volume on the breakout from the triangle. But this quickly faded as price ap

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