Shiba Inu, the second largest coin in crypto, is in the spotlight after breaking through a key resistance level. As Bitcoin price crosses the $100,000 mark and the crypto market’s fear and greed index rises, there is a good chance that SHIB price will continue to rise in the coming weeks . So, how high can the Shiba Inu price reach by December 31?
Shiba Inu price technical analysis indicates jump to $0.00005458
Shiba Inu price was trading at $0.00003150 on December 5, well above the year’s low of $0.00008280. As described below, technical data suggests that SHIB could reach $0.00005458 by December 31.
On the daily chart, the coin recently broke the key support level at $0.00003045, its highest level on November 12. It also retested the key resistance level at $0.00003280, its high on March 27. was the upper part of the cup and handle pattern, the depth of which is approximately 67%.
SHIB price also moved towards the 38.2% Fibonacci retracement level and the low, stop and reverse level of the Murrey math lines. The coin also formed a golden cross pattern as the 50-day and 200-day weighted moving average (WMA) formed a bullish cross pattern.
The Relative Strength Index (RSI) and MACD indicator continued to rise, a sign of momentum. Therefore, the SHIB Price will likely reach $0.00005458 by December 31. This price target is established by measuring 67% from the top of the cup.
On the other hand, a decline below the S&R major pivot point at $0.000025 will invalidate the uptrend. Shiba Inu Price Prediction. If that happens, the next point to watch will be the 200-day moving average at $0.00001890.
SHIB has several catalysts ahead of it
The Shiba Inu price has many catalysts that could push it higher in the coming days. The burn rate of the part continued to increase, with more 410 trillion tokens burned since its creation. Over 5.3 trillion SHIB coins were also staked.
Shiba Inu could benefit from the ongoing cryptocurrency bull run now that Bitcoin has surpassed $100,000. A move above $100,000 could trigger more gains to come, as it has spent a few weeks slightly below that level.
Additionally, the altcoin Season Index rose to 82, meaning these coins are doing well. In most time frames, meme coins like SHIB tend to do well when the altcoin season index rises.
Frequently Asked Questions (FAQ)
The most likely scenario is that the Shiba Inu price reaches $0.00005458 by December. This level is estimated by looking at the cup and handle pattern, a popular bullish view.
Shiba Inu will rise due to its strong momentum, cup and handle pattern, golden cross, and the robust nature of the crypto industry.
The main alternatives to Shiba Inu are coins like Dogecoin, Dogwifhat, Floki and Pepe coin.
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Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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