Shiba Inu, the second biggest meme coin in crypto, is in the spotlight after rising above a key resistance level. With Bitcoin price crossing the $100k mark, and crypto market’s fear and greed index rising, there are odds that the SHIB price will continue rising in the next few weeks. So, how high can Shiba Inu price get by December 31?
Shiba Inu Price Technical Analysis Points To A Jump To $0.00005458
Shiba Inu price was trading at $0.00003150 on December 5, much higher than the year-to-date low of $0.00008280. As described below, technicals suggest that SHIB could get to $0.00005458 by December 31.
On the daily chart, the coin has recently moved above the key support level at $0.00003045, its highest level on November 12. It has also retested the key resistance level at $0.00003280, its highest level on March 27. This is a notable level since it was the upper side of the cup and handle chart pattern, whose depth is about 67%.
SHIB price has also moved to the 38.2% Fibonacci Retracement level and the Weak, Stop & Reverse level of the Murrey Math Lines. The coin has also formed a golden cross pattern as the 50-day and 200-day Weighted Moving Average (WMA) made a bullish crossover pattern.
The Relative Strength Index (RSI) and the MACD indicator have continued rising, a sign of momentum. Therefore, the SHIB price will likely rise to $0.00005458 by December 31. This price target is established by measuring 67% from the upper side of the cup.
On the flip side, a drop below the major S&R pivot point at $0.000025 will invalidate the bullish Shiba Inu price prediction. If this happens, the next point to watch will be the 200-day moving average at $0.00001890.
SHIB Has Multiple Catalysts Ahead
Shiba Inu price has numerous catalysts that could push it higher in the next few days. The coin’s burn rate has continued rising, with over 410 trillion tokens being burned since its inception. Over 5.3 trillion SHIB coins have also been staked.
Shiba Inu could benefit from the ongoing crypto bull run, now that Bitcoin has moved above $100,000. Blasting above $100k could trigger more gains ahead, since it spent a few weeks slightly below that level.
Also, the altcoin season index has jumped to 82, meaning that these coins are doing well. In most periods, meme coins like SHIB tend to do well when the altcoin season index is rising.
The post How High Can Shiba Inu Price Get By December 31? appeared first on CoinGape.
