Shiba Inu Price Prediction As Bullish Pattern Emerged In Correction Sets 40% Rally

Shiba Inu Price Prediction: The popular meme cryptocurrency Shiba Inu coin witnessed high volatility in November as market sentiment turned uncertain to events like delayed approval of Bitcoin spot ETF and crypto exchange Binance’s Legal battles. As a result, the SHIB price has been in a correction for nearly three weeks, dropping from $0.00000965 high to a current trading value of $0.00000815, accounting for 16%. How long will the correction last?

Also Read: Shiba Inu Burn Rate Surges 11000%, SHIB Price To Rally?

Can SHIB Price Regain $0.00001?

• A drop below 50% Fibonacci retracement level indicates weakness in bullish momentum
• A bullish breakout from the overhead trendline will signal the end of the correction
• The intraday trading volume of the Shiba Inu coin is $141.5 Million, showing a 29% loss.

The ongoing correction in the Shiba Inu price is being monitored through the lens of two downsloping trendlines, which act as dynamic resistance and support for this memecoin. While this pullback reaching the 61.8% Fibonacci retracement level suggests a slight weakness in bullish momentum, the emergence of a bullish-flag pattern maintains a positive sentiment toward recovery. 

If this pattern holds true, the SHIB price is anticipated to breach the overhead trendline, signaling a continuation of the bullish trend. A daily candle closure above this trendline could intensify buying pressure, potentially propelling the price by 40% toward the upper trendline of a longstanding wedge pattern at $0.00001058.

This chart pattern has persisted in influencing the SHIB price for over 500 days, underscoring its significance. Hence, a bullish breakout above this pattern becomes pivotal for a trend reversal

SHIB vs DOGE Performance

Analyzing the 3-month price behavior of both Dogecoin(DOGE) and Shiba Inu(SHIB) during the October-November rally reveals substantial growth. However, the SHIB price has faced a considerable setback amidst the current crypto market downturn, marked by a series of new lower lows and lower highs. Consequently, the Dogecoin price seems to possess a better chance of a robust rebound should the overall market sentiment improve.

• Relative Strength Index: The daily RSI hovering around the 50% mark indicates a neutral sentiment prevailing in the market.
• Exponential Moving Average: Both the 50-day and 100-day EMAs provide additional support amid the current correction, potentially aiding in stabilizing the price.