Shiba Inu Breaks the Downtrend, Signals the Next Upswing

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Shiba Inu (SHIB) has made a significant breakthrough by surpassing the dominant downtrend resistance that had been causing prolonged declines in its value. With the broader crypto market showing signs of recovery, SHIB is now preparing for its next upward move, with the goal of reclaiming the $0.00001 level.

Renowned crypto analyst and trader Crypto Rand recently highlighted the bullish breakout in SHIB. Analyzing the daily chart, Crypto Rand pointed out that Shiba Inu’s positive session on May 22 enabled the asset to break free from the bearish trendline that had been influencing its price movements since April 18.

After reaching a local peak of $0.00001188 on April 16, Shiba Inu (SHIB) encountered strong resistance from bearish forces, resulting in consistent downward movements starting from April 18. Despite occasional attempts at recovery, the bears firmly held their ground, establishing a resilient downtrend resistance that persisted for an entire month.

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On May 5, Shiba Inu (SHIB) faced a significant setback as it lost control of the crucial $0.00001 zone, succumbing to the escalating bearish pressure. The token plummeted to a low of $0.00000832, marking its lowest value since January 8. Despite attempts to regain momentum, the clash between bears and bulls proved challenging, ultimately keeping Shiba Inu trapped beneath the persistent downtrend.

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SHIB Breaks Downtrend: Eyes Set on $0.00001 Resistance

Shiba Inu (SHIB) broke above the long-standing resistance downtrend in a significant turn of events, resulting in a notable 3.17% gain. This marked the largest intraday increase for the asset in over a month, fueling optimism among investors. With the downtrend behind, SHIB now sets its sights on flipping the $0.000009 level into solid support, with the ultimate target being the $0.00001 milestone.

Examining historical data, it is worth noting that this is the second month-long downtrend SHIB has encountered this year. The first occurred immediately after reaching a high of $0.00001575 on February 4, lasting for a total of 33 days. However, once the asset managed to break free from the downtrend, it experienced a remarkable surge of over 21% in the following days.

Drawing attention to the current situation, SHIB Knight, a prominent trader within the Shiba Inu community, expressed the belief that the asset may be gearing up for its next phase. To solidify its position, SHIB must maintain its stance above the recently breached trendline, effectively holding onto the $0.000009 territory.

With SHIB’s recent breakthrough above the resistance downtrend, maintaining a position above the $0.00000913 mark could indicate sufficient strength for the asset to reclaim the highly anticipated $0.00001 zone finally. 

The positive developments in the market are providing some support for this upward movement. At the time of writing, Shiba Inu is currently trading at $0.00000882, reflecting a 3.78% increase in the past 24 hours. The ongoing bullish momentum suggests an optimistic outlook for SHIB’s potential ascent toward its target price level.

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