Business, Crypto Forcast, Shiba Inu Coin

Shiba Coin Price Prediction: Will SHIB Reach New Highs?

The Shiba Inu price has risen in recent days. It is now trading at $0.000038, its highest level after December 7. This price is approximately 34% higher than the minimum level this month. Its overall market capitalization has risen to be greater┬áthan $21 billion, giving it the world’s 13th largest cryptocurrency. It is positioned between Dogecoin and Polygon.

The price of SHIB has recovered in accordance with the progress of other cryptocurren ETHERDEs. Most currencies, including Bitcoin and Ethereum, rose strongly overnight. The total market worth of all digital currencies has topped $2.5 trillion. This record is primarily due to the so-called Santa rally. Typically, financial assets increase roughly five days ahead of Christmas.

Shiba Inu price forecast

SHIB

SHIB/USD 1 DAY PRICE CHART: SOURCE – CCOINMARKETCAP.COM

The four-hour chart illustrates that the SHIB price has been trending downward in recent weeks. Specifically, it has dropped by more than 56% from its peak in November. As you may remember, we were in the midst of a massive meme coin rally at the time. During that time, most currencies, including Dogelon Mars, Floki Inu, and Dogecoin, were on the rise.

According to the chart, the Shiba Inu price established firm support around $0.000028. This price was likewise around the bottom line of the dark declining trendline. The currency has currently advanced marginally beyond its 25-day and 50-day moving averages, whereas the Relative Strength Index (RSI) has reached an overbought level of 70.

As a result, the price is likely to rise further as bulls aim for the critical resistance level at $0.000045, which was the maximum position on December 3. If the price goes underneath the crucial support level of $0.000033, this perspective will be rendered worthless.

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