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Shiba Inu Price Prediction As $SHIB Edge Close to 20% Breakout Rally – Crypto News

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2 years ago

January 16, 2024

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Shiba Inu price prediction: The SHIB Price resonating in a narrow range is poised for a decisive breakout in the near future.

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Shiba Inu Price Prediction: Amid the current correction sentiment in the broader market, the second largest memecoin Shiba Inu (SHIB) witnessed a notable correction from the $0.00001191 resistance initiated in mid-December. Within a month, the coin price tumbled 19% to currently trade at $0.00000986 wavering close to the 50% FIB level. A Healthy retracement as per the FIB tool indicates the SHIB has the potential to rebound and resume the prior recovery.

Accumulation Of Support Sets SHIB Rally to $0.000012

The current recovery trend in SHIB price can be traced using a rising trendline.
A bullish breakout from the overhead trendline will hint at the end of the current correction
The 24-hour trading volume on the Shiba Inu is at $108 Million with a 4.9% loss.

Shiba Inu Price Prediction| TradingView Chart

The daily chart analysis reveals that the Shiba Inu price is consolidating within a narrowing range, defined by two converging trendlines which serve as dynamic levels of resistance and support. The lower trendline, which has been a reliable support for the past three months, offers a strong basis for buyers to reinforce the ongoing recovery trend. Notably, the significant long-tail rejection candles on January 3rd and 8th underscore the buyers’ tendency to capitalize on market dips.

Conversely, the descending trendline continues to exert downward pressure on Shiba Inu’s price, hindering its ability to achieve a robust recovery. However, the converging pattern of these trendlines suggests that Shiba Inu might be gearing up for a decisive breakout in the near future.

At the time of writing, Shiba Inu is trading at $0.00000964, marking an intraday increase of 1%. This recent uptick in price can be partially attributed to the burning of approximately 89.1 million Shiba Inu tokens over the last day, as reported by Shibburn, a platform dedicated to tracking Shiba Inu token burns.

With the current market correction potentially being a mere pullback before the next upward rally, it’s plausible that the SHIB price could break above the upper trendline. Such a breakout could propel the price by roughly 21%, reaching the previous high of $0.000012.

Why SHIB Price May Plunge to $0.00000763?

While the current market scenario leans towards a bullish continuation for Shiba Inu, investors should remain vigilant of the lower trendline. A breach below this critical support could escalate selling pressure, potentially leading to an 18% decline in SHIB’s price to around $0.00000763

Moving Average Convergence Divergence: A bearish crossover state between MACD and the signal line indicates the sellers continue to have a firm grip on this asset.
Bollinger Band: An uptick in the lower boundary of the Bollinger Band indicator offers additional support to buyers.

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