Shiba Inu (SHIB) breached its previous resistance and resumed its direction, resuming the uptrend that indicates further strength in the market. The market is trading above the dynamic support trendline, which could lead to more upside moves. The market is also in an uptrend on a larger time frame, as it is creating higher highs.
Shiba Inu has been rising from its lower levels and forming Higher-high structures. It is in a bullish trend after breaking above the 20-day and 200-day moving averages. The bullish pressure could push SHIB to form new highs soon and extend the uptrend.
Shiba Inu crypto price gained by 7.71% last week; it inclined by 31.33% through the month. Furthermore, SHIB cryptos experienced a gain of roughly 48.70% within the past six months and an increase of 31.01% over the past year.
Additionally, the SHIB crypto price has spiked by approximately 35.24% year to date. These trends collectively indicate the challenges faced by Shiba Inu cryptos in their recovery efforts throughout the year.
At the time of publication, Shiba Inu crypto was trading at $0.00001099 with an intraday gain of 0.83%, moving above the 200-day EMA, indicating bullish sentiment on the charts. In addition, the intraday trading volume is 164.263 Million. SHIB crypto’s market capitalization is $6.482 Billion.
Technical Analysis of Shiba Inu Crypto Price in 1-D Time Frame
At the moment, Shiba Inu crypto (USD: SHIB) is trading above the 50 and 200-day daily moving averages (DMAs), which are supporting the price trend. If bears want to make a comeback, they will have to pull the price below the 20-day EMA. However, the buyers seem to be more aggressive as compared to sellers.
The current value of RSI is 59.00 points. The 14 SMA is above the median line at 58.99 points which indicates that the Shiba Inu crypto is bullish.
The MACD line at 0.00000047 and the signal line at 0.00000048 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the SHIB crypto price.
Summary
Shiba Inu’s crypto price prediction suggests a bullishness on the chart. The buyers are dominating on the higher levels. Shiba Inu (USD: SHIB) technical oscillators also support the bullish trend. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the SHIB crypto price. Shiba Inu price action suggests that the investors and traders are bullish on the 1-D time frame. The technical analysis suggests that the Shiba Inu crypto price is in a bull’s grip and the probability of testing the previous highs in the coming months remains high.
Technical Levels
Support Level: $0.00000969.
Resistance Levels: $0.00001194.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2023/12/28/shiba-inu-crypto-forecast-will-shib-continue-to-rise-in-2024/