Shiba Inu (SHIB) Looks to Break Resistance Level for Potential Bullish Breakout
Shiba Inu (SHIB) has had a tough week along with other cryptocurrencies, but recent technical analysis suggests that its luck could change. According to crypto market analyst Ali Martinez, SHIB has been trading within a descending parallel channel and is testing a crucial resistance level at around $0.000011. A decisive weekly close above this level could signal a bullish breakout and push SHIB towards $0.000014. However, if there is a rejection at this level, it may lead to a pullback to $0.000008 before a potential bullish breakout.
SHIB Price Analysis
Currently, Shiba Inu is trading at $0.000009741, experiencing a 1.05% decline in the last 24 hours and a 3.34% drop over the past seven days. However, it has still gained 13.44% on its monthly chart. While it hasn’t successfully retested the $0.000011 level yet, there is still room for a drop to $0.000008 before a potential rally.
Furthermore, Shiba Inu’s lead developer, Shytoshi Kusama, has teased an upcoming “year-ending surprise” that will be revealed next week. This announcement has sparked excitement among the SHIB community and could have a positive impact on the cryptocurrency’s price.
In addition, the supply of SHIB on crypto exchanges has decreased by 7.58% as of December 12, indicating a shift towards self-custody. This is generally considered a positive development as it reduces immediate selling pressure.
Hot Take: Shiba Inu Faces Crucial Resistance Level for Potential Bullish Breakout
Shiba Inu (SHIB) is currently testing a crucial resistance level, and a decisive weekly close above this level could lead to a bullish breakout. However, if there is a rejection, SHIB may experience a pullback before potentially rallying. The cryptocurrency’s price has seen some decline recently but still maintains gains on its monthly chart. Additionally, the anticipation of an upcoming announcement from Shiba Inu’s lead developer adds to the excitement surrounding the asset. Moreover, the decrease in SHIB supply on exchanges suggests a shift towards self-custody, which is generally seen as positive. Keep an eye on SHIB as it navigates these critical levels.
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