Shiba Inu Price Prediction: A Bullish Week for SHIB
The second-largest meme coin, Shiba Inu, has had a bullish week and is continuing its recovery phase. After hitting an annual low of $0.00000543, the coin price has rallied and is currently trading at $0.000011, resulting in a year-to-date growth of 36%. This ongoing recovery phase presents a new opportunity for a breakout entry.
Is SHIB Heading to $0.000015?
- An ascending trendline is preventing major corrections in the SHIB price.
- A bullish breakout from the wedge pattern would confirm a bull run.
- Shiba Inu’s market cap is currently at $214 million with a 39% loss.
The Shiba Inu price is maintaining an overall uptrend and approaching the overhead resistance of the wedge pattern. The ongoing uptrend is reflected in the ascending trendline, indicating a short-term recovery phase.
The sharp increase in trading volume supports the possibility of a bullish breakout. Currently, SHIB is trading at $0.0000011 and attempting to sustain its trend momentum.
As 2024 approaches, there is optimism in the cryptocurrency market regarding the potential approval of a Bitcoin spot ETF. This positive sentiment is influencing various cryptocurrencies, including Shiba Inu (SHIB). In line with this bullish sentiment, SHIB has seen a rise in price for four consecutive days, demonstrating increased investor confidence.
Despite some setbacks, the overall bullish trend remains intact. There is a possibility of a bounce back from the ascending support trendline by 15.56% to challenge the overhead trendline.
The post-breakout rally could result in a 6-8% jump, aiming to break the resistance at $0.00001187.
Is SHIB Ready For Uptrend?
In the short term, Shiba Inu is on a bullish journey. However, in the longer term, there is a falling wedge pattern in action. The current bullish week has led to a 15.3% recovery for the meme coin and supports the breakout theory. However, there is a strong resistance trendline that needs to be overcome. A breakout from this resistance will signal a trend change and potentially push the price towards $0.0000157, followed by $0.000018.
- Relative Strength Index: The daily RSI slope above 60% indicates that the bullish sentiment is still strong.
- Exponential Moving Average: The coin price is trading below the 100-day and 200-day EMAs, indicating a long-term bearish trend.
Hot Take: SHIB’s Recovery Continues with Bullish Momentum
The recovery phase for Shiba Inu (SHIB) continues with bullish momentum as it approaches key resistance levels. Despite some losses and obstacles, the overall trend remains positive, with the potential for a breakout and significant price increase. The ongoing uptrend, supported by increased trading volume, suggests growing investor confidence in SHIB. As the cryptocurrency market anticipates positive developments such as the approval of a Bitcoin spot ETF, SHIB’s price is likely to be influenced further. Traders and investors should closely monitor the breakout potential and resistance levels to make informed decisions.
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