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- The Shiba Inu coin price has declined by 89% from its all-time high.
- It has risen by 10.90% this month.
The Shiba Inu price has been bullish since October, but the trend was disturbed near the $0.0000120 mark. Since mid-December, the SHIB token price has been in a bearish trend and has declined by 25% till January.
SHIB is the primary token of the Shiba Inu ecosystem, bringing the power of a decentralized, community-led currency to millions across the globe. Since its inception in late 2020, the Ethereum-based SHIB token has become a worldwide phenomenon. It is now accepted as a form of payment at hundreds of locations, either directly or through third-party intermediaries.
Shiba Inu coin price is trading at $0.00000990 with an intraday gain of 1.54%. The market capitalization of Shiba Inue coin is $5.84 billion, and the trading volume is $178.99 million.
The SHIB Token Price Has Formed a Descending Triangle Pattern
On a daily time frame, the Shiba Inu coin price has formed a descending triangle pattern and has risen by 9.27% after the bullish breakout. The price gave a breakout and surpassed the 100-day EMA, which helped the buyers as a good confirmation, leading to a bullish trend for the short term.
The SHIB price has taken a pullback and bounced back by 3.34%. If the price surpasses the recent high, buyers may lift the price to the resistance level of $0.0000110 in the next few weeks.
If the price fails to sustain the recent high and falls, it may easily approach the 100-day moving average. Bears may dominate and initiate a bearish trend if the SHIB price fails to defend the significant moving averages.
Technical Analysis of Shiba Inu Coin Over 4-Hour Timeframe
In a 4-hour time frame, the SHIB token price has been rising through a rising channel. Recently, the price has taken support on the 200-day moving average and is heading toward the upper trendline.
If the SHIB price rises to the upper trendline and faces resistance, it may consolidate for some more time. But if it surpasses the trendline with solid volumes, the price may perform positively and gain buying momentum.
On the other hand, if the price slips below the channel and fails to defend the 200-day moving average, intense selling pressure can be seen in a few days.
Shiba Inu Price Prediction FAQs
What is the SHIB price prediction for today?
The Shiba Inu price is predicted to gain 1.85% to reach $0.00000992 by today.
What is the SHIB token price prediction for tomorrow?
According to our technical analysis, the price is forecasted to gain 1.49% and hit $0.0000100 by tomorrow.
What is the current SHIB price sentiment?
According to our technical analysis, the current SHIB token price prediction sentiment is bullish.
What is the Shiba Inu price prediction for this week?
According to our analysis, the SHIB crypto price is forecasted to remain bullish and is expected to approach $0.0000105 by this week.
Conclusion
Based on the technical analysis, the Shiba Inu coin price has been in a bullish trend since October, with a few bearish interruptions in between. The recent price action shows a bullish breakout with the potential to reach the resistance level of $0.0000110 in the next few weeks.
Technical Levels
Resistance: $0.0000100 & $0.0000110
Support: 0.00000880 & $0.00000770
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.
