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Shiba Inu Price Nearing Critical Support: Bounce Could Spark 100% Rally

  • Shiba Inu (SHIB) price is approaching a critical support level in a descending channel.
  • Increased buyer interest is evident through volume and RSI indicators.
  • A potential bounce from this support could lead to a more than 100% rally.
  • Crypto analyst Jonathan Carter highlighted SHIB forming a descending channel on the daily chart.
  • Carter suggested possible upside targets if a rebound occurs, including 0.00001250, 0.00001500, 0.00001730, and 0.00002.
  • Current SHIB price is around $0.00001099 with a daily gain of 5.94%.
  • RSI indicates SHIB is in a neutral zone, but a rise in buying pressure could lead to a reversal.
  • MACD shows potential signs of momentum change as lines move closer together.
  • Recent volume spike in SHIB signals buyer interest at lower levels, which may support a bullish reversal.
  • Traders are monitoring SHIB's price action near a crucial support zone for a potential move towards previous highs.
  • Technical indicators and chart patterns align with Carter's forecast for SHIB's price movement.

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