Shiba Inu Price Faces Pivotal Moment After Breaking Resistance
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Shiba Inu (SHIB) price broke out from a descending resistance trendline in place since January after multiple failed attempts. However, it got rejected at a horizontal resistance area.
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Shibarium blockchain upgrade moved from Goerli to Sepolia network, bringing it closer to mainnet. Automated burning system to be introduced in January.
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Two Elliott Wave counts suggest either a bearish corrective pattern completed or an ongoing bullish formation. A breakout could send prices 47% higher to $0.000014.
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If rejected from current levels, prices could drop 18% to channel support at $0.0000080.
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Future trajectory depends on whether SHIB price can break out from the current ascending channel or gets rejected lower.