Sahil Mahadik
Shiba Inu price prediction: A concentration of crucial support hints that the SHIB price could regain $0.00001 Mark
Published 4 hours ago
Shiba Inu Price Prediction: The second-largest meme coin Shiba Inu entered a new correction phase in mid-December when the price reverted from a $0.00001195 high. Amid the increasing uncertainty around Spot Bitcoin ETFs, the coin price tumbled 23% to currently trade at $0.0000092. The buyers are now wrestling to sustain above an accumulation of support levels, indicating a high area of interest to initiate new recovery.
Will SHIB Price Regain the $0.00001 Mark?
- An ascending trendline leads the current recovery trend in SHIB Price
- A long-tail rejection candles the support trendline hints the buyers continue to accumulate at this support
- The intraday trading volume in Shiba Inu coin is at $205 Million with an 86% gain.
The mid-term recovery trajectory of the Shiba Inu price is charted along an ascending trendline, providing dynamic support to investors. Since hitting a low of $0.0000066 in October 2023, Shiba Inu’s value has soared by approximately 80.8%, reaching a peak of $0.00001195.
However, a subsequent correction from this high has brought the price back down to the supportive trendline, presenting a potential buying opportunity for market participants. Additionally, Shiba Inu finds further support at the 50% Fibonacci retracement level and the 200-day Exponential Moving Averages (EMAs).
This convergence of key technical supports, coupled with a positive market outlook following the approval of a spot Bitcoin ETF, positions SHIB for a potential rebound. If this momentum is realized, buyers could propel the price upwards by 25%, aiming for the resistance trendline of a long-established chart pattern.
A decisive breakout above this 19-month pattern would more clearly indicate a shift in the trend direction.
Is SHIB Price at Risk of 16% Fall
The Shiba Inu price trading above an accumulation of multiple support indicates a higher potential for a bullish rebound. However, if the supply pressure persists, a breakdown below this support would trigger a major shift in the market dynamic. The breakdown would accelerate the selling pressure and may plunge the coin price by 16.6% to hit $0.0000076.
- Relative Strength Index: The daily RSI slope above 40% reflects the correction trend is gaining momentum/.
- Exponential Moving Average: The 100-and-200-day EMA slope offers additional support to market buyers, promoting the continuation of the recovery trend.
Related Articles:
Share this article on:
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
