Shiba Inu Price Prediction: Amid a bullish week in the crypto market, the popular meme cryptocurrency SHIB has showcased its suitability above the psychological level of $0.00001. A recent bounce back from this support has led to a 10.25% weekly surge to reach the current trading price of $0.0000109. While this fundamental and technical outlook for the Shiba Inu coin looks bullish, the buyers are likely to prolong the current recovery trend.
Also Read: Shiba Inu Leader Envisions 99.9% Token Burn as Achievable Goal
Channel Pattern Pressure SHIB for Bullish Breakout
- The rising SHIB price will face intense supply at $0.0000119.
- The midline of the Bollinger band indicator acts as strong dynamic support
- The 24-hour trading volume on the Shiba Inu coin is $4.4 Billion, indicating a 21% gain.
Shiba Inu Price Prediction| TradingView Chart
Amid its ongoing rally, the Shiba Inu price witnessed a minor correction on December 17. This reversal plunged the coin price from a high of $0.00001195 to $0.00000945 registering a 20% loss. However, this correction obtained suitable support at the psychological support of $0.00001 and 38.2% Fibonacci retracement level.
A recent bounce back from this support indicated the correction phase managed to recuperate the exhausted bullish momentum and bolster buyers for a higher recovery. Thus, the SHIB price surged back to the $0.00001095 mark and reclaimed 50% of the last retracement.
Amidst this rally, the SHIB price witnessed another key development such as the Shibarium Total Value Locked reaching a three-month high of $1.13 million on December 23 and a massive burn of around 53.13 million SHIB over the past 24 hours.
Thus, the SHIB Price rallying with signs of increasing adoption and decreasing supply indicates sustainable growth. With steady buying, the SHIB price is likely to retest the combined resistance of $0.0000119 and the resistance trendline of a long-coming wedge pattern.
A potential breakout of this barrier would signal an early sign of trend reversal and a potential target of $0.0000157 followed by $0.000018.
This Key Support Prevents SHIB Price From Major Retracements
The ongoing rally in Shiba Inu price has shown occasional corrections which allow buyers to recuperate the exhausted movement. However, a look at the daily time frame chart shows these pullbacks are obtaining suitable support from an ascending support trendline before resuming their bullish trend. Thus, until the dynamic support is intact, the SHIB price could prolong an aggressive recovery and, similarly, a breakdown below it would signal an early sign of a major correction.
- Bollinger band: an upsurge in the boundary of the Bollinger band indicator projects the recovery trend is aggressive.
- Average Directional Index: the ADX of 44% reflects the SHIB price may need further correction to stabilize its ongoing rally.
