Shiba Inu Price Prediction: Will $SHIB Price Surpass $0.000015 Before New Year? – CoinGape

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Published December 25, 2023
Updated December 26, 2023
Shiba Inu Price Prediction: On December 18th, the Shiba Inu price rebounded from the $0.00001 psychological level with a long-tail rejection candle indicating buyers accumulation at market dips. Within a fortnight, the coin price has surged 12% to reach the current trading price of $0.00001068. A general bullish sentiment in the market is bolstering this memecoin is bolstering buyers to recuperate bullish momentum and surpass the upper boundary of falling wedge pattern.
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Also Read: Shiba Inu Leader Envisions 99.9% Token Burn as Achievable Goal
Amid its ongoing rally, the Shiba Inu price witnessed a minor correction on December 17. This reversal plunged the coin price from a high of $0.00001195 to $0.00000945 registering a 20% loss. However, this correction obtained suitable support at the psychological support of $0.00001 and 38.2% Fibonacci retracement level.
A recent bounce back from this support indicated the correction phase managed to recuperate the exhausted bullish momentum and bolster buyers for a higher recovery. Thus, the SHIB price surged back to the $0.00001095 mark and reclaimed 50% of the last retracement. 
Amidst this rally, the SHIB price witnessed another key development such as the Shibarium Total Value Locked reaching a three-month high of $1.13 million on December 23 and a massive burn of around 53.13 million SHIB over the past 24 hours. 
Thus, the SHIB Price rallying with signs of increasing adoption and decreasing supply indicates sustainable growth. With steady buying, the SHIB price is likely to retest the combined resistance of $0.0000119 and the resistance trendline of a long-coming wedge pattern. 
A potential breakout of this barrier would signal an early sign of trend reversal and a potential target of $0.0000157 followed by $0.000018.
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The ongoing rally in Shiba Inu price has shown occasional corrections which allow buyers to recuperate the exhausted movement. However, a look at the daily time frame chart shows these pullbacks are obtaining suitable support from an ascending support trendline before resuming their bullish trend. Thus, until the dynamic support is intact, the SHIB price could prolong an aggressive recovery and, similarly, a breakdown below it would signal an early sign of a major correction.
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