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- 1 The Shiba Inu price bounced back after bottoming out near the 200-Day EMA.
- 2 Shiba Inu crypto price has been on the rise for the last four consecutive sessions after breaking out of the trendline.
The Shiba Inu crypto has been trading higher for the last four consecutive sessions. The bulls have turned aggressive after the breakout of the trendline resistance which acted as a major resistance and kept the crypto under selling pressure for the last two months.
The crypto took multiple rejections from the trendline and dropped lower. However, the buyers kept holding near the previous breakout zone and 200-Day EMA which helped the crypto overcome selling pressure.
Recently, the SHIB crypto bottomed out near the 200-Day EMA and round level of $0.0000090 and made a breakout of the trendline thus ending its correction phase.
Moreover, the price has also tested the recent supply level at $0.00000095 and no major selling was experienced indicating the sellers have turned defensive after the breakout of the trendline resistance.
It might be a good time for the new traders and Investors to enter into a trade if Shiba inu resumes higher forming higher lows and higher highs.
Shiba Inu Technical Analysis
From a technical perspective, Shiba Inu crypto took a rebound from the 200-Day EMA and broke above the trendline resistance suggesting a positive outlook in the long term. The buyers have successfully defended the lower levels and have kept the trend in their favor.
As observed on the daily chart, SHIB crypto has surpassed the 50 and 20-Day EMA intending to scratch higher levels and resume the long term trend.
At the time of writing, the RSI line was placed at 55.78 points which was above the mean line. The SMA line was at 46.85 hovering near the mena line suggesting the breakout is backed by momentum and the crypto may resume an uptrend.
Moreover, the RSI line has made a bullish crossover of the SMA line indicating a positive sentiment prevailing in the market.
Shiba Inu Price Prediction For February 2024
The positive view of analysts predicts an upside potential of over 23.7% by February end, which could take the Shiba Inu price above the $0.00001169 mark.
On the other hand, the bearish view of analysts predicts that the price could drop near the lower levels of $0.0000085 and $0.0000080 level if it breaks below the 200-Day EMA.
Shiba Inu Price Prediction for 2024
The price prediction for 2024 shows that the Shiba Inu may advance to a high of $0.0000183 by the end of 2024. The less optimistic analysts estimate a price target of $0.000014 by the end of the year.
Shiba Inu Price Prediction for 2025
As per the most positive view of our analysts, the price may hit the $0.0000296 mark, suggesting an upside potential of 215.5% by 2025. The pessimistic view is that the price could reach $0.0000194 by the end of the financial year 2025.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
