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Shiba Inu’s price will be determined by these factors going forward
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On higher time frames, Shiba Inu reached an area of significance at $0.029 (Note: All SHIB prices in the following article are 1000x the actual value, to do away with long decimal places. For example, a SHIB price of $0.00003319 written as $0.03319).
It saw buyers step in at that area and indicated a rally could begin in the days to come. Since then, SHIB has gained nearly 26% to reach the $0.0378 level of resistance.
Source: SHIB/USDT on TradingView
Two sets of Fibonacci retracements were used, the gray from $0.03785 highs to $0.0284 lows, and the yellow from $0.0284 lows to $0.03987 highs. The two sets of retracements had confluence (overlap) at the $0.034 area.
The $0.034 level was also the Point of Control (PoC) highlighted by the Visible
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