Shiba

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Shiba Inu

<img width="1200" height="551" src="https://coingape.com/wp-content/uploads/2024/01/F9k7YdES-e1705416379568.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: Amid the current correction sentiment in the broader market, the second largest memecoin <a href="https://coingape.com/shiba-inu-community-cheers-as-gate-io-embraces-shibarium/">Shiba Inu (SHIB)</a> witnessed a notable correction from the $0.00001191 resistance initiated in mid-December. Within a month, the coin price tumbled 19% to currently trade at $0.00000986 wavering close to the 50% FIB level. A Healthy retracement as per the FIB tool indicates the SHIB has the potential to rebound and resume the prior recovery.&nbsp; 
<h2 id="b-accumulation-of-support-sets-shib-rally-to-0-000012-b">Accumulation Of Support Sets SHIB Rally to $0.000012</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The current recovery trend in SHIB price can be traced using a rising trendline.</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the overhead trendline will hint at the end of the current correction</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Shiba Inu is at $108 Million with a 4.9% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/f/F9k7YdES.png" alt="Shiba Inu Price Prediction" width="1946" height="893">
 <figcaption class="wp-caption-text">
 Shiba Inu Price Prediction| TradingView Chart
 </figcaption>
</figure> 
The daily chart analysis reveals that the <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> is consolidating within a narrowing range, defined by two converging trendlines which serve as dynamic levels of resistance and support. The lower trendline, which has been a reliable support for the past three months, offers a strong basis for buyers to reinforce the ongoing recovery trend. Notably, the significant long-tail rejection candles on January 3rd and 8th underscore the buyers’ tendency to capitalize on market dips. 
<blockquote>
 Conversely, the descending trendline continues to exert downward pressure on Shiba Inu’s price, hindering its ability to achieve a robust recovery. However, the converging pattern of these trendlines suggests that Shiba Inu might be gearing up for a decisive breakout in the near future.
</blockquote> 
At the time of writing, Shiba Inu is trading at $0.00000964, marking an intraday increase of 1%. This recent uptick in price can be partially attributed to the burning of approximately <a href="https://coingape.com/shiba-inu-burn-rate-rockets-1600-as-community-burns-89-mln-shib/">89.1 million Shiba Inu</a> tokens over the last day, as reported by Shibburn, a platform dedicated to tracking Shiba Inu token burns. 
With the current market correction potentially being a mere pullback before the next upward rally, it’s plausible that the SHIB price could break above the upper trendline. Such a breakout could propel the price by roughly 21%, reaching the previous high of $0.000012. 
<h2 id="b-why-shib-price-may-plunge-to-0-00000763-b">Why SHIB Price May Plunge to $0.00000763?</h2> 
While the current market scenario leans towards a bullish continuation for Shiba Inu, investors should remain vigilant of the lower trendline. A breach below this critical support could escalate selling pressure, potentially leading to an 18% decline in SHIB’s price to around $0.00000763 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A bearish crossover state between <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and the signal line indicates the sellers continue to have a firm grip on this asset.</li> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: An uptick in the lower boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band indicator</a> offers additional support to buyers.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
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</ul> 
The post <a href="https://coingape.com/markets/shiba-inu-price-prediction-as-shib-close-to-20-rally/">Shiba Inu Price Prediction As $SHIB Edge Close to 20% Breakout Rally</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Price Prediction As $SHIB Edge Close to 20% Breakout Rally

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