How High Can Shiba Inu Price Get By December 31?

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As a seasoned researcher with years of experience analyzing crypto markets, I find myself intrigued by the current surge in Shiba Inu (SHIB). The technical analysis indicates a strong bullish sentiment for SHIB, with the price potentially reaching $0.00005458 by December 31.

The digital currency known as Shiba Inu, which is currently the second most popular meme coin in the cryptocurrency world, has been drawing attention after breaking through a significant resistance point. Given that Bitcoin‘s value has surpassed $100k and the crypto market’s fear and greed index is on the rise, there’s speculation that Shiba Inu’s price may continue to climb in the upcoming weeks. However, it’s hard to predict exactly how high the Shiba Inu price might go by December 31st.

Shiba Inu Price Technical Analysis Points To A Jump To $0.00005458 

On December 5, the price of Shiba Inu stood at $0.00003150, significantly higher than its lowest point for the year, which was $0.00008280. Based on technical analysis, it’s anticipated that the value of SHIB could potentially reach $0.00005458 by December 31.

On the daily price graph, the coin has lately surpassed the significant support point at $0.00003045, reaching its peak on November 12th. It has also tried to break through the key resistance level at $0.00003280, which was its highest point on March 27th. This level is noteworthy because it represents the upper edge of the cup and handle chart formation, with a potential drop of approximately 67%.

The Shiba Inu coin’s price has reached both the 38.2% Fibonacci Retracement level and the Weak, Stop & Reverse point on the Murray Math Lines chart. Additionally, it has developed a golden cross pattern as its 50-day and 200-day Weighted Moving Averages (WMA) have intersected in a bullish manner.

Based on the current trend, as both the Relative Strength Index (RSI) and MACD indicator are increasing, which typically indicates momentum, it’s expected that the Shiba Inu (SHIB) price might climb to around $0.00005458 by December 31. This projected price is derived by calculating approximately 67% of the upper boundary of the current price pattern.

From another perspective, if the price of Shiba Inu falls slightly below its significant support and resistance pivot at $0.000025, it could challenge the bullish price forecast. If this occurs, the focus will shift towards the 200-day moving average, currently at $0.00001890.

SHIB Has Multiple Catalysts Ahead

The cost of Shiba Inu may experience an upward trend in the coming days due to several potential drivers. Since its debut, the rate at which Shiba Inu tokens are being destroyed has consistently increased, with a staggering 410 trillion tokens already burned. Additionally, around 5.3 trillion SHIB coins have been locked up for staking.

As a crypto enthusiast, I’m optimistic about Shiba Inu’s potential during this ongoing bull run. The surge of Bitcoin beyond the $100,000 mark has me believing there might be more gains on the horizon. Bitcoin’s recent brief dip below the $100k level hints at further upward momentum ahead.

As a researcher observing the crypto market, I’ve noticed an intriguing development: The Altcoin Season Index has surged to 82, indicating a flourishing phase for altcoins. Historically, meme coins like SHIB have shown remarkable performance when the Altcoin Season Index is on the rise.

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2024-12-05 14:20