<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/7pw6W75S-e1704735315230.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 <a href="https://coingape.com/shiba-inu-team-announces-potential-9-25-trillion-token-burn/" rel="noopener noreferrer nofollow">second-largest meme coin Shiba Inu</a> entered a new correction phase in mid-December when the price reverted from a $0.00001195 high. Amid the increasing uncertainty around Spot Bitcoin ETFs, the coin price tumbled 23% to currently trade at $0.0000092. The buyers are now wrestling to sustain above an accumulation of support levels, indicating a high area of interest to initiate new recovery.
<h2 id="b-will-shib-price-regain-the-0-00001-mark-b">Will SHIB Price Regain the $0.00001 Mark?</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">An ascending trendline leads the current recovery trend in SHIB Price</li>
 <li style="font-weight: 400;" aria-level="1">A long-tail rejection candles the support trendline hints the buyers continue to accumulate at this support</li>
 <li style="font-weight: 400;" aria-level="1">&nbsp;The intraday trading volume in Shiba Inu coin is at $205 Million with an 86% gain.</li>
</ul>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/7/7pw6W75S.png" alt="Shiba Inu Price Prediction" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Shiba Inu Price Prediction| TradingView Chart
 </figcaption>
</figure>
The mid-term recovery trajectory of the <a href="https://coingape.com/price/shiba-inu/" rel="noopener noreferrer nofollow">Shiba Inu price</a> is charted along an ascending trendline, providing dynamic support to investors. Since hitting a low of $0.0000066 in October 2023, Shiba Inu’s value has soared by approximately 80.8%, reaching a peak of $0.00001195.
<blockquote>
 However, a subsequent correction from this high has brought the price back down to the supportive trendline, presenting a potential buying opportunity for market participants. Additionally, Shiba Inu finds further support at the 50% Fibonacci retracement level and the 200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">Exponential Moving Averages (EMAs)</a>.
</blockquote>
This convergence of key technical supports, coupled with a positive market outlook following the approval of a <a href="https://coingape.com/countdown-to-spot-bitcoin-etf-approval-begins-as-critical-fed-decision-nears/" rel="noopener noreferrer nofollow">spot Bitcoin ETF</a>, positions SHIB for a potential rebound. If this momentum is realized, buyers could propel the price upwards by 25%, aiming for the resistance trendline of a long-established chart pattern.&nbsp;
A decisive breakout above this 19-month pattern would more clearly indicate a shift in the trend direction.
<h2 id="b-is-shib-price-at-risk-of-16-fall-b">Is SHIB Price at Risk of 16% Fall</h2>
The Shiba Inu price trading above an accumulation of multiple support indicates a higher potential for a bullish rebound. However, if the supply pressure persists, a breakdown below this support would trigger a major shift in the market dynamic. The breakdown would accelerate the selling pressure and may plunge the coin price by 16.6% to hit $0.0000076.
<ul>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope above 40% reflects the correction trend is gaining momentum/.</li>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 100-and-200-day EMA slope offers additional support to market buyers, promoting the continuation of the recovery trend.</li>
</ul>
<h3 id="related-articles">Related Articles:</h3>
<ul>
 <li><a href="https://coingape.com/shiba-inu-whale-accumulates-546-bln-shib-from-binance-bull-run-ahead/" rel="noopener noreferrer nofollow">Shiba Inu Whale Accumulates 546 Bln SHIB From Binance, Bull Run Ahead?</a></li>
 <li><a href="https://coingape.com/shiba-inu-team-releases-step-by-step-guide-to-buy-shibarium-based-nfts/" rel="noopener noreferrer nofollow">Shiba Inu Team Releases Step-By-Step Guide To Buy Shibarium-based NFTs</a></li>
 <li><a href="https://coingape.com/shiba-inus-shibarium-loses-steam-is-this-the-reason-for-shibs-fall/" rel="noopener noreferrer nofollow">Shiba Inu’s Shibarium Loses Steam, Is This the Reason Behind SHIB’s Fall?</a></li>
</ul>
The post <a href="https://coingape.com/markets/shiba-inu-price-prediction-as-support-25-upswing-ahead/" rel="noopener noreferrer nofollow">Shiba Inu Price Prediction As Multiple Support Signals 25% Upswing Ahead</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Shiba Inu Price Prediction As Multiple Support Signals 25% Upswing Ahead

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