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Shiba Inu’s (SHIB) Value Attracts Attention – Market Outlook

Recently, the Shiba Inu value created a support of more than 0.000010 dollars. The whales were alert and could push the value above 0.000012 and 000014 dollar resistance zones.

The value has increased more than 20% within a short period. That welcomed a surge beyond the 0.000015 dollar resistance level, outshining the initial coins, BTC and Ethereum. The value explored a new this year’s peak at 0.0000157 and lately began a near-term downward correction.

There was a slight downward move under the 0.000015 dollar level. The value declined below the 23.6% Fibonacci retracement level of the uptrend from 0.0000113 low to 0.0000157 dollar high. Shiba Inu’s value currently trades beyond 0.000012 dollars and the one hundred SMA (simple moving average).

Also, there’s a critical bullish line developing with support of 0.000014 dollars on the four-hour chart of the BNB-USD. On the other hand, SHIB bears are safeguarding the resistance zones of $0.000015 dollars and 0.0000155 dollar resistance levels.

The following key resistance is close to the 0.0000162 level, and the value is probably to target the 0.000018 level in the short term. Further increases may send the value toward the hurdle at $0.000020.

Declines Supported in SHIB?

It could slowly decrease if the SHIB value fails to surpass the 0.0000155 resistance zone. Initial Support for the meme coin is close to the 0.000014 dollars resistance zone. The key Support is towards the 0.0000135 dollars zone.

It is close to the 50% Fibonacci retracement zone of the uptrend move from the 0.000113 dollars low to the 0.0000157 dollars high. The following key Support is towards the 0.0000125 dollars resistance level. In the event of a downtrend break below the 0.0000125 support, there could be a stretched drop near the 0.0000115 foothold.

ETH Value Holds Major Support

ETH value failed to surpass the 1,720 dollar resistance level and corrected lower; likewise, Ethereum dropped below the 1,650 and 1640 dollar support levels to BTC. There was also an uptrend below the 50% Fib retracement level of the upward spike from the 1,530 dollars swing low to the 1,715 dollars high.

Ethereum price changes below the 1,650 dollar level and the one hundred hourly simple moving average. It appears to hold major Support close to the 1,610 dollar resistance level.

There is also a critical bullish trend line forming with Support close to 1,615 dollars on the one-hundred hourly chart of the ETH/USD pair.

An instantaneous resistance close to 1,640 dollars level and the one hundred hourly simple moving average. The next major resistance is close to the 1,660 dollar level. An upside break above the 1660 resistance zone could spark a fresh surge.

Following these events, the value might increase towards the 1,700 dollars resistance level. Any more increase might send Ethereum value near the 1,780 dollars resistance zone.

More Losses in Ethereum

If Ethereum fails to clear the 1,650 dollar level, it may decrease slowly. Initial Support on the downtrend is towards the 1,610 resistance and the trend line. The following major Support is towards the 1,600 dollar level or the 61.8% Fib retracement level of the uptrend move from the 1530 dollar swing low to the 1,715 dollar high.

If a break below 1,1600 dollars is witnessed, the price might slowly decline near the 1,565 support. Any more losses may require a test of the 1,530 support.

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