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Shiba Inu (SHIB) Price Prediction: 10% Upside Based on Recent Market Trends.

Shiba Inu (SHIB) Price Prediction: 10% Upside Based on Recent Market Trends.

The price of Shiba Inu (SHIB) has declined during the previous two months. Nonetheless, a favorable development that indicates SHIB is expected to climb higher has resulted from the recent halt and sideways movement.

Price of Shiba Inus coils ahead of a surge

Between December 17, 2023, and January 3, 2024, the price of Shiba Inus decreased by 32%. A descending trend line that connects the lower highs made during that decline acts as a dynamic resistance level.

After breaking through this trend line on February 8, the price of Shiba Inu increased by 8.50%. It’s retracing right now, most likely getting ready for the next leg. The first significant support level that might act as a springboard for a rebound is $0.00920.

But if selling pressure spikes everywhere, SHIB might retreat considerably farther before rebounding and gathering sell-side liquidity below $0.00872. A quick liquidity run below this level and a subsequent rebound will be the first signs of an upward trend.

The weekly resistance level at $0.0102, which is around 10% away from $0.00920 and 15% away from $0.00872, is the ultimate upside goal for the price of Shiba Inus.

The Relative Strength Index and Awesome Oscillator, both of which are showing a spike in bullish momentum, support the above optimistic prognosis.

Failure to recover above $0.00872 will indicate a weak bullish camp, while a sweep of $0.0872 will give sidelined investors a chance to buy. Should SHIB turn the previously mentioned level into a resistance level, it will lead to a lower low, hence refuting the bullish argument.

The price of the Shiba Inu might then drop 6% and retest the $0.00821 support level.

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