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- 1 Shiba Inu price prediction suggests that this meme coin might continue the recovery and generate nominal returns.
- 2 The trend in SHIB price reverses upward and buyers are returning back on track.
- 3 Shiba Inu coin price attempting to break out of the six-month high.
Shiba Inu price prediction is mildly bullish for the short run and suggests that the recovery might continue in the coming months.
SHIB price gained momentum and rose upward by forming a bullish reversal pattern. It shows that correction is over and buyers are getting active to push the price higher.
The 50-day EMA positively crossed the 200-day EMA, which triggered the positive sentiment and grabbed the attention of investors.
At the beginning of December, the SHIB crypto price showed a sudden rise and began to recover by forming higher high candles. Moreover, the buying volume also increased rapidly which correlated with the price direction. It showcases that big and genuine investors have participated in the rally.
The Shiba Inu price recently surged 20% in a single day and attempted to break out of the last six months’ high. However, the attempt did not succeed and the price faced a rejection.
The sellers are also active and trying their best to defend their territory. The price did not collapse much and retraced back to the 50-day EMA, which might act as a strong support.
Is Shiba Inu Price Getting Ready for a Big Move?
Shiba Inu price prediction suggests bulls are trying to take control over the supply zone to hit new swing highs. The chart pattern and price action both favor the bulls and indicate that a $0.00001191 breakout will be visible soon.
SHIB price is inside the bulls’ grip and the trend is also reversing upward. New investors are likely to invest and give their participation, which might positively impact the price.
The analysis suggests that as long as the SHIB crypto is sustaining above both the EMAs, the probability of $0.00001191 breakout remains high.
The Positive Momentum in the SHIB Price is Intact
SHIB price rose by approximately 27% in the current month and formed a giant bullish candle on a monthly chart. The positive momentum is still intact and buyers are getting ready for another attempt of breakout.
If buyers succeed, a 15% to 20% sharp rise is possible. In the recent gains, short-term bulls got the reward but in the next move, existing long-term investors will also be benefited.
Conclusion
The Shiba Inu price prediction stays bullish for the short run and suggests the recovery might continue. The craze of meme coin SHIB is slowly growing and might peak in 2024. So, investors might take this as an opportunity to buy and generate nominal returns.
Technical levels
- Resistance levels: $0.00001191 and $0.00001403
- Support levels: $0.00000912 and $0.00000800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
