Shiba Inu ($SHIB) and Remittix ($RTX) Make Waves in the Cryptocurrency Market

The cryptocurrency market is buzzing with Shiba Inu ($SHIB) news, as its burn rate skyrockets, igniting fresh excitement among investors.

Shiba Inu (SHIB) Price Analysis

After a 7.86% decrease in the past week, the cryptocurrency market is buzzing with Shiba Inu ($SHIB) news. As SHIB price faces crucial resistance, investors are watching closely for a potential breakout or breakdown.

Currently trading at $0.00001852, SHIB has been moving within a narrow range recently. However, traders are keeping an eye on key price levels that could indicate a stronger directional move.

If SHIB manages to climb above $0.00002250, it could trigger significant buying pressure, potentially reversing the downtrend and aiming for higher highs.

On the other hand, failure to surpass resistance levels might keep sellers in control, potentially leading to further selling pressure and lower lows as the downtrend continues.

Shiba Inu (SHIB) Price Chart on March 13, 2023

Shiba Inu (SHIB) Price Analysis: Key Levels to Watch

After a strong rally in early 2023, SHIB price has encountered resistance at higher levels. As the year progresses, the cryptocurrency is now trading at a critical juncture, attempting to break through key resistance or facing further selling pressure.

After forming a double bottom around $0.000008800 in December 2022, SHIB price began a bullish recovery, rallying over 120% to reach a high of $0.000020280 on March 8, 2023.

However, the bulls faced strong resistance at this level, which also coincides with the 23.6 Fib retracement of the downtrend from the November 2022 swing high to the March 2023 swing low.

As SHIB price consolidates below this critical resistance, traders can anticipate a potential breakout or breakdown in the coming days, which could largely determine the next directional move for the cryptocurrency.

Shiba Inu (SHIB) Price Analysis: What to Expect Next?

If SHIB price manages to break out above the key resistance at $0.00002250, it could trigger strong buying sentiment among traders, potentially leading to a bullish rally towards higher price levels.

In this scenario, traders can expect bullish momentum to carry SHIB price up to the next resistance level at $0.00002760, followed by the psychological level of $0.00003000, which could present further selling pressure.

However, if SHIB fails to break out and close above the critical resistance, it could indicate a lack of buying strength, potentially leading to a breakdown from the bullish structure and lower lows.

In this case, traders can anticipate selling pressure to drive SHIB price down to the next support level at $0.000014300, followed by the crucial demand zone around $0.000011800, which could attract buyers and attempt to prevent further declines.