Shiba Inu Price Prediction: Can $0.00001 Support Thrust SHIB To $0.00002? – CoinGape

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Published December 21, 2023
Shiba Inu price prediction: SHIB like many altcoins is fighting to keep going upwards, especially with support at $0.00001 steady. As the first spot exchange-traded funds (ETFs) approach in the US, investors would be considering booking profits in Bitcoin and circling them into altcoins ahead of the next altcoin season.
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Shiba Inu sits on top of a robust support at $0.00001 which bulls must continue to protect to prevent losses trimming gains over the last three months.
However, SHIB’s movement is capped at $0.000011 on the upside, not to mention the resistance at $0.000013 and $0.000015.
The Moving Average Convergence Divergence (MACD) indicator signals the possibility of a trend reversal, as a sell signal beckons in the upcoming sessions.
Before considering entering short positions in Shiba Inu, traders must ensure Shiba Inu is falling below the crucial $0.00001 support and that the blue MACD line crosses below the red signal line. The momentum indicator should also be sliding toward the neutral area and into the negative region.
Key factors to consider when entering long positions in SHIB are first the confirmation for support at $0.00001. Secondly, the bearish outlook in the MACD must give way to a buy signal and thirdly Shiba Inu price should at least break above the short-term resistance at $0.0000105.
Recommended for you: Crypto Price Prediction December 21: BTC, BONK, MINA
Bullish crossovers from the moving averages starting with the 20-day Exponential Moving Average (EMA) (in blue) moving above the 200-day EMA (in purple) on December 4 and the 50-day EMA (in red) flipping above the 200-day EMA back the potential uptrend in SHIB.
Caution should also be exercised, keeping in mind the negative sentiment from the Relative Strength Index (RSI), which has been falling from highs of 75 in early December to 56 on December 21.
Investors deliberating between meme coins Shiba Inu and Dogecoin are at liberty to choose either of the two, considering they have achieved the same growth potential with a 125% return on investment since January 1.
With Shiba Inu search trends dropping drastically in the last 30 days from a December high of 100 to the current 43, it might be prudent to consider diversifying the portfolio to include other assets as a way of mitigating risk.
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