The Shiba Inu (SHIB) price breaks free from resistance
After being held down by a descending resistance trend line since January, the SHIB price has finally broken out. However, it was met with rejection at a horizontal resistance area. The question now is whether it can regain its footing and move above this level.
Shiba Inu finally breaks out from resistance
On the daily time frame, the SHIB price had been confined under a descending resistance trend line for months. It reached a low of $0.0000048 on June 10 before initiating an upward movement with a long lower wick. After four failed breakout attempts, the SHIB price finally broke free from the trend line on December 3. It briefly reached a pivotal resistance area before experiencing a slight decline.
Bulls have an advantage as RSI indicates a bullish trend
The Relative Strength Index (RSI) is an important momentum indicator for traders. In this case, the daily RSI is increasing and currently above 50, which are both positive signs for a bullish trend.
Shiba Inu magazine release and Shibarium upgrade
The fifth edition of The Shib magazine was released on December 5, providing insights on important updates about Shibarium and discussing the Marswap decentralized exchange. Shibarium’s upcoming Puppynet upgrade will move its blockchain to the Sepolia network, aiming to improve scalability and efficiency. The upgrade will also introduce automated burning starting in January.
SHIB Price Prediction – Two possible scenarios
Looking at the six-hour time frame and using Elliott Wave theory, there are two potential scenarios for the future movement of the SHIB price. The bearish count suggests that SHIB has completed a corrective structure and is currently trading within an ascending parallel channel. The bullish count suggests that SHIB is in a 1-2/1-2 wave formation, with the price currently in sub-wave two.
Future prediction depends on breakout or rejection
The future SHIB price prediction hinges on whether it can break out from the channel or face rejection. If it breaks out, there is potential for a 47% increase to the next resistance at $0.000014. However, if it gets rejected, an 18% decrease to the channel’s support trend line at $0.0000080 is likely.
Hot Take: Is Shiba Inu Coin a Dogecoin Killer?
With its recent breakout and ongoing developments, Shiba Inu (SHIB) has shown potential in the crypto market. However, its ultimate success will depend on its ability to overcome resistance levels and gain wider adoption. While some see it as a potential “Dogecoin Killer,” others remain skeptical. Only time will tell how SHIB will fare in the ever-changing landscape of cryptocurrencies.
By
By
By
By
By