Shiba Inu Price Swings: 40% Year-End Jump

Shiba Inu Price Swings: 40% Year-End Jump


  • On December 17, SHIB encountered rejection at a resistance trend line, resulting in a significant price decrease.
  • Despite this loss, the SHIB token has reached a stable position above a significant horizontal level, leading to discussion about the possibility of a rally towards the end of the year.
  •  The Relative Strength Index (RSI) indicates a positive trend on the weekly chart, but short-term indicators show a likely transitory fall before a possible breakout. 

The Shiba Inu (SHIB) cryptocurrency has seen significant volatility, leading investors to monitor its movement closely. SHIB's price decreased on December 17 due to a crucial resistance trend line being breached.

Nevertheless, the robustness of SHIB was promptly shown as it achieved stability over a crucial horizontal threshold. The abrupt stabilization of SHIB has prompted speculation and conversations within the cryptocurrency community over the possibility of a significant rise before the end of the year.

The RSI on the weekly chart consistently shows a positive trend. Those who support a price increase are optimistic due to the upward trend of the Relative Strength Index (RSI) on the weekly chart, which suggests a promising future for SHIB.

However, despite the optimistic long-term forecast, recent indications suggest a potential transitory downturn. The price movement on the daily chart, which has been following an upward parallel channel since June, indicates a strong possibility of a temporary decline.

Based on recent market movements and RSI signals, a short-term bearish forecast indicates a likely little decline before a potential breakout occurs. If SHIB adheres to this projected trajectory, a conceivable outcome is a decline of about 12%, aiming for the closest level of support at $0.0000095.

Nevertheless, within the complexity of these market processes, a different storyline arises. If the price breaks out of the channel, it would indicate that the corrective period is over and might lead to a significant 40% increase towards the next resistance level at $0.0000150.

Tags : Crypto  market  cryptocurrency  SHIB  SHIB Price  Shiba Inu  shiba inu price

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