- Shiba Inu price breaks above a descending trend line this morning.
- SHIB price looks set to start an uptrend going into the New Year.
- Expect a robust bullish signal today that will spark investor inflow throughout the coming days.
Shiba Inu (SHIB) price has popped above a descending trend line dictating price action since the beginning of December. With this bullish signal, more investors are joining the rally, driving the Relative Strength Index (RSI) higher. Expect this to be the start of a Christmas rally that will go into New Year with a first price target at $0.00004490, the 61.8% Fibonacci level.
SHIB price sees investors gearing up for a late uptrend
Shiba Inu price delivered a bullish signal this morning by breaking out of the downtrend that it has been in for over three weeks now. Bulls used the false break of the S1 support level at $0.00003000 yesterday to trap bears and use momentum to slingshot themselves above the descending trend line, making it a perfect break to the upside, which will see traders jump on the trade throughout the day.
SHIB price should see solid continuous buying activity, which will be reflected in the RSI, which will probably tick up more quickly towards the overbought area. By then, SHIB price action will have reached the 61.8% Fibonacci level at $0.00004490. With the 55-day Simple Moving Average coming in just above, expect this area to trigger some profit-taking as thin liquidity might sketch a fade in price action.
SHIB/USD daily chart
As markets are pretty thin and volatile in the last ten days of trading, expect to see some whipsaw price action from time to time. Do not expect this rally to go in a straight line, and there is still the risk that this breakout turns into a bull trap, which would result in SHIB price dipping below the S1 again to test the 78.6% Fibonacci level at $0.00002782 for support. A break down lower would bring SHIB to the 200-day SMA at $0.00002052, spelling more support in a holding pattern through the New Year.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.