Altcoins News
By James Thorp
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Shiba Inu's getting hammered. The meme coin sits down over 93% from its 2021 peak, but crypto analyst Jonathan Carter thinks it's ready to bounce back.
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Carter's watching the $0.0000054 support level like a hawk. He said the price action around there looks pretty solid, and if it holds, SHIB could see a decent rally.
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That level represents the initial resistance SHIB needs to crack. Carter thinks clearing this hurdle could open the door to bigger gains ahead. The $0.
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Beyond $0.00001, Carter's eyeing $0.000013 as the next meaningful target. That's where he expects bulls might really start gaining momentum.
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The final target Carter mentioned is $0.000033. He called this an "optimal selling point" for anyone who bought near the $0.0000054 support level.
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But Carter's not just looking at charts. Related coverage: Ethereum Jumps 10% as Bulls Eye.
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He thinks market sentiment plays a huge role in driving SHIB's potential recovery. The crypto market often moves on broader trends, and SHIB's fate could depend on how confident…
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SHIB's community remains pretty loyal despite the brutal price action. Carter said this community support could help sustain the token through rough patches.
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The analyst also mentioned how Bitcoin's performance often influences altcoins like SHIB. On March 4, Bitcoin saw a slight uptick that gave several altcoins a temporary boost.
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Large holders, or "whales," could also move the needle for SHIB. These big players can significantly influence the market by buying or selling large quantities.
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Carter thinks upcoming Ethereum network upgrades might indirectly benefit SHIB since it's an ERC-20 token.
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Trading volume will be key to watch, especially if it starts picking up at the $0.0000068 resistance level. A volume spike might signal renewed interest and a potential breakout.
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On March 5, Carter highlighted SHIB's trading patterns over recent weeks. The consolidation phase around $0.
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Several large options contracts expire on March 10, which could shake things up. Carter said the resolution of these contracts might lead to increased volatility, potentially…
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Social media activity also matters for SHIB. Carter pointed out that community engagement has historically driven interest and price movements.
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