Shiba Inu Price Prediction As Multiple Support Signals 25% Upswing Ahead

1 year ago 9

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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.