Shiba

Safe

Million

Shiba Inu

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/qTuPs4vP-e1702998324324.png" class="attachment-full size-full wp-post-image" alt="SHIB Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Shiba Inu Price Prediction: The second-largest cryptocurrency has <a href="https://coingape.com/markets/shiba-inu-price-at-16-month-resistance-faces-20-risk/">shown strong resilience</a> to current market uncertainty and continues to prolong its recovery. From the December 1st low of $0.0000085, the coin price rallied 44.85% to hit a new high of $0.00001195. However, the assets provide occasional pullback to recuperate the exhausted bullying momentum. Should you enter at a $0.00001 dip? 
Also Read: <a href="https://coingape.com/shiba-inu-price-rallies-with-whales-shifting-trillions-of-shib-bull-run-ahead/">Shiba Inu Price Rallies With Whales Shifting Trillions Of SHIB, Bull Run Ahead?</a> 
<h2 id="b-safe-retracement-keep-the-shiba-inu-trend-bullish-b">Safe Retracement Keep the Shiba Inu Trend Bullish</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the triangle pattern will provide an entry opportunity and a directional rally</li> 
 <li style="font-weight: 400;" aria-level="1">The SHIB price could witness overhead resistance at $0.000012, followed by $0.000014.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume of Shiba Inu is at $214 Million with a 39% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/q/qTuPs4vP.png" alt="Shiba Inu Price Prediction" width="1946" height="1105">
 <figcaption class="wp-caption-text">
 Shiba Inu Price Prediction| TradingView Chart
 </figcaption>
</figure> 
On December 17th, the <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> reverted from a dual resistance of $0.0000119 and a resistance trendline of an 18-month-long chart pattern. This reversal plunged the prices by 20% and hit the psychological level of $0.00001. 
<blockquote>
 As of now, the SHIB price trades at $0.0000102 and is trying to sustain above the 38.2% Fibonacci retracement level. Recently, this dog-themed memecoin has shown such similar pullbacks which obtained suitable support between the 38.2% to 61.8% FIB level.
</blockquote> 
This healthy retracement indicates the overall bullish trend is intact and a higher for price to rebound from $0.00001 and surge 14% to rechallenge the overhead trendline. Anyhow, for Shiba Inu to establish a sustainable recovery, the buyers must breach this barrier as it will provide a better confirmation of trend reversal. 
The post-breakout rally could lead a rally to $0.00001577, followed by $0.000018. 
<h2 id="b-why-is-shib-at-risk-of-further-correction-b">Why is SHIB at Risk of Further Correction?</h2> 
While the current market outlook for the Shiba Inu seems bullish, the coin price wavering around a crucial resistance reflects the threat of a potential correction. The historical data has shown a retest to the triangle’s upper boundary has led to increasing supply pressure and a notable correction. Thus, if the falling price breaches below the immediate support trendline, the sellers may fasten their grip and plunge to $0.0000076 monthly support. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A possible breach crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a>(blue) and signal(orange) would offer an additional edge to market sellers.</li> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: A flag upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band indicator</a> could create additional resistance against buyers.</li> 
</ul> 
The post <a href="https://coingape.com/markets/shiba-inu-price-prediction-should-you-enter-shib-at-0-00001/">Shiba Inu Price Prediction: Should you Enter $SHIB at $0.00001 Dip?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Price Prediction: Should you Enter $SHIB at $0.00001 Dip?

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