Channel Pattern Pressure SHIB for Bullish Breakout
The price of Shiba Inu (SHIB) is experiencing a bullish trend and has surpassed the psychological level of $0.00001. However, it may face strong resistance at $0.0000119. The midline of the Bollinger band indicator is acting as a solid support level. Additionally, the 24-hour trading volume for SHIB has increased by 21% to reach $4.4 billion, indicating strong buying activity.
Although there was a minor correction on December 17, with SHIB’s price dropping to $0.00000945, it found support at the psychological level of $0.00001 and the 38.2% Fibonacci retracement level. The bounce back from this support indicates that buyers are regaining momentum for a higher recovery. As a result, the SHIB price surged back to $0.00001095 and reclaimed 50% of the previous retracement.
Another positive development is the Shibarium Total Value Locked reaching a three-month high of $1.13 million on December 23, along with a significant burn of around 53.13 million SHIB tokens in the past 24 hours.
This rally in SHIB’s price, combined with increasing adoption and decreasing supply, suggests sustainable growth. If buying pressure continues, the SHIB price is likely to test the resistance at $0.0000119 and the resistance trendline of a wedge pattern. A breakout above these levels could indicate a trend reversal, with potential targets at $0.0000157 and $0.000018.
This Key Support Prevents SHIB Price From Major Retracements
While occasional corrections have occurred during the ongoing rally, the SHIB price has consistently found support from an ascending trendline before resuming its upward trend. As long as this dynamic support remains intact, the SHIB price is expected to continue its aggressive recovery. However, a breakdown below this support would indicate a potential major correction.
- Bollinger band: The widening of the Bollinger band indicator suggests that the recovery trend is strong.
- Average Directional Index (ADX): With an ADX of 44%, further corrections may be needed to stabilize the ongoing rally.
Hot Take: Shiba Inu Price Prediction
The recent bullish momentum and positive developments surrounding Shiba Inu (SHIB) indicate a promising outlook for its price. With increasing adoption, decreasing supply, and strong buying activity, the SHIB price has the potential to break through key resistance levels and continue its upward trend. However, it is important to monitor any potential corrections or breakdowns below support levels. Overall, SHIB’s future performance will depend on market dynamics and investor sentiment.
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