• Shiba Inu price action has been stuck in a bearish triangle since December 1st.
  •  SHIB price sees bulls getting in for the squeeze and a return towards $0.00004490. 
  • Expect to see more bullish price action going into the weekend towards $0.00005690.

Shiba Inu (SHIB) price is being squeezed higher  as it pushes up against the red descending trend line of a bearish triangle which has kept SHIB price action in a chokehold since December 1st. As bulls knock against the descending red trend line, expect an acceleration in price action if  the succeed in breaking through it. A successful penetration above, would provide the impetus for a push higher  towards $0.0000490, in the first leg, and then $0.00005690 by the weekend.

With a breakout, 76% of gains could be on the table

Shiba Inu price is ready to break above the red descending trend line that has been capping SHIB price action from further gains. As bulls stand firm at $0.000003200, expect – with the help of supportive sentiment – for  the red descending trend line  to be broken, and for an explosion of buying volume to follow, from sidelined investors jumping on the bullish signal. In the first phase, price action could quickly go to $0.00004490, the 61.8% Fibonacci level.

SHIB price will then face some profit-taking and hesitation from investors who joined the rally too late. The 55-day Simple Moving Average (SMA) at $0.000004765 will offer resistance, with SHIB price dipping back towards $0.00004490 for support. With a bounce off there, last-minute investors will join, which should be sufficient to push SHIB price action towards the 50% Fibonacci level at $0.00005690.

SHIB/USD daily chart

SHIB/USD daily chart

Headwinds in global markets, after central bank divergence at Wednesday and Thursdays’ meetings, could cause a false breakout above the red descending trend line, or a rally towards $0.00004490, but accompanied by a strong fade that pares back profits. A break to the downside would take out the 78.6% Fibonacci level at $0.00002782, ready for a dip towards $0.00002000 with the 200-day SMA coming in strongly with support.

 


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


Recommended Content

Editors’ Picks

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?  

More Litecoin News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.

More Bitcoin News
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.

More Cryptocurrencies News
Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.

More Bitcoin News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP