Shiba Inu (SHIB) has caught market attention due to its consolidation at a critical level after an 80% rally. The cryptocurrency shows resilience, and analysts believe a breakout could occur if it breaks key resistance levels. SHIB is seen as having a bullish trajectory for 2024.
InvestingHaven highlights that SHIB is holding at a crucial Fibonacci retracement level, suggesting further price hikes. This potential uplift targets a 75% increase, prompting investors to keep a close watch on SHIB’s market movements, as breaking above certain resistance points could realize these ambitious targets.
Despite recent fluctuations, SHIB has maintained its momentum. Trading at $0.0000258, its movement within a tight price range has traders anticipating a breakout. A successful breach above resistance could enable SHIB to reach new yearly highs, signifying a bullish market sentiment for the meme coin.
While SHIB's prospects appear promising, a failure to maintain current levels might lead to further consolidation. However, continued bullish momentum could propel SHIB towards significant growth, aligning with key technical indicators and psychological factors that underpin its upward trajectory.
