Buying Shiba Inu In December? Here’re The SHIB Price Levels To Watch – Crypto News – Crypto News
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Buying Shiba Inu In December? Here’re The SHIB Price Levels To Watch – Crypto News

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Shiba Inu rallies in double-digits to sit above $0.00001 bolstered by the formation of a cup and handle pattern, with a breakout target of $0.000011.

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Euphoria and the fear of missing out (FOMO) continue to drive prices in the crypto market, with Shiba Inu exploding in double-digits to highs marginally above $0.00001.

Bitcoin price has been the focal point in the market this week, rising above $44,000 while promising a larger breakout to $50,000 before the year-end. Although altcoins are performing equally well, they still lag behind the largest crypto with Bitcoin dominance currently at 51.4%, data by CoinGecko shows.

Shiba Inu Price Prediction: SHIB Begins Major Breakout

SHIB is up 15.65% since breaking above a long-term descending trendline as shown in the chart. For a long time, resistance at $0.0001 has kept Shiba Inu price suppressed.

However, with this barrier left behind, more buyers could join the market assured that the uptrend will carry on toward $0.0001.

The Relative Strength Index (RSI) props the bullish thesis in SHIB price as it enters the overbought region above 70. Traders should follow the RSI’s trend closely with dips likely to be identified by a retracement into the neutral area.

Shiba Inu price chart
Shiba Inu price chart | Tradingview

A recent bullish cross formed when the 21-day Exponential Moving Average (EMA) (blue) flipped above the 200-day EMA (purple) reinforces the bullish narrative but what is likely to trigger the next breakout is the incoming crossover by the 50-day EMA (red) and the 200-day EMA.

Higher support, especially above $0.00001 cannot be overemphasized. It is required to uphold the accrued gains and pave the way for movement targeting highs above $0.00002.

Recommended for you: Shiba Inu Price Soars As SHIB Surpasses LTC and DAI

Shiba Inu Price Begins Cup and Handle Breakout

The Moving Average Convergence Divergence (MACD) indicator backs Shiba Inu’s gains both in the short-term and long-term time frames, for instance, the buy signal on the four-hour chart.

The validation of a cup and handle pattern on the same chart set SHIB up for a 19% move to $0.000011. This is a bullish pattern with a price breakout target equal to the height of the cup extrapolated above the neckline resistance at $0.0000095 in Shiba Inu’s case.

Shiba Inu price four-hour chart
Shiba Inu price four-hour chart | Tradingview

Traders who identified the cup and handle pattern started entering new long positions above the neckline resistance, with a stop loss placed slightly below it. Profit booking may start as soon as the positions are in profit but based on the analysis, it may be prudent to hold onto the uptrend likely to reach $0.000011 in the coming sessions.

In case of a sudden trend change, support at $0.00001 would come in handy. Other key levels to keep in mind while trading SHIB are the MAs like the 21 EMA, the 50-EMA, and the 200 EMA.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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.

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