Shiba Inu is a leading meme coin in the crypto industry. The community sentiment and market news drive the price of SHIB. Currently, it is trading around $0.00000954, which has spiked more than 4% in the last 24 hours, trading around the resistance for the short term.
After the declaration of the FTX liquidity crisis in the first week of November, SHIB’s price dropped from the support of $0.00001, and now it is trying to regain its position after three months. Will Shiba Inu break the resistance? Read our SHIB coin price prediction to know!
Most technical indicators are bullish at this time, candlesticks are forming in the upper Bollinger Bands that reflect a strong bullishness in the market, but it is difficult to predict how long it will sustain. SHIB might consolidate between $0.00001 and $0.000007, so it is not the right time for short-term investment until it forms support around $0.00001.
Interestingly, the weekly chart of Shiba Inu also suggests bullishness, but candlesticks are forming in the lower Bollinger Bands. The last two weekly candles are green; many crypto enthusiasts are pessimistic about the rally because they regard this short-term gain as a Santa Rally at the beginning of the New Year.
Other popular technical indicators, such as RSI, are over 40, and MACD suggests bullishness by forming green histograms. All these indicate investors are accumulating SHIB at the current price.
Many cryptocurrencies recovered after the sudden fall in November, but some of the cryptocurrencies, such as Bitcoin and Shiba Inu, are lagging behind. However, it is the right time to accumulate Shiba Inu for the long term with a stop loss. If it breaks the support, SHIB could be long-term bearish.
2023 will be a volatile year, so the price of SHIB may touch the level of $0.000015; after that, it can come down for a correction around the current support. That is why you have to keep a closer eye on the crypto portfolio, especially on meme coins, and trade at the right time in the right direction to get a short-term return.