Shiba Inu (SHIB) Price Analysis and Market Update Today

11 January 2024

in SHIBA

Reading Time: 5 mins read

The Shiba Inu (SHIB) price has shown bullish signs, particularly with a significant bullish candlestick formed on January 11, which prevented a potential breakdown from a minor horizontal support area. This development, coupled with the recent approval of Bitcoin spot ETFs, raises intriguing questions about the future trajectory of SHIB’s price and its potential correlation with broader market trends.

Technical Analysis: A Bullish Trend?

From a technical standpoint, Shiba Inu’s journey has been quite eventful. After a period of decline under a descending resistance trend line since August 2022, leading to a low of $0.0000054 in June 2023, SHIB’s price has seen an upward trend. The breakthrough above the descending resistance trend line in December 2023, after more than 480 days, was a key turning point. Although the price reached a high of $0.000011 post-breakout, it experienced a subsequent fall. However, last week’s validation of the trend line as support and the subsequent bounce are positive signs.

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Market Indicators and SHIB’s Future

The Relative Strength Index (RSI), a crucial momentum indicator, is currently above 50, indicating a bullish trend. The SHIB price has been trading inside an ascending parallel channel since June 2022, reaching a high of $0.0000119 on December 17, 2023. Despite a recent dip below the channel’s midline and the RSI falling below 50, the bullish candlestick formed today suggests a potential upward movement.

SHIB’s Current Market Status

As of now, SHIB is trading at $0.00001011, with a 24-hour change of +4.23%. The 24-hour high and low are $0.00001018 and $0.00000911, respectively. The 24-hour trading volume in SHIB is 6,675,978,605,530.00, with a corresponding volume in USDT of 64,439,250.76. The RSI stands at 52.7, and SHIB has seen an uptrend of 7% today.

Price Prediction and Key Levels for Shiba Inu

If SHIB maintains its position above the minor support level of $0.0000092, we could see a 27% increase to the channel’s resistance trend line at $0.0000123. However, a close below $0.0000092 could invalidate this bullish scenario, potentially leading to a 22% fall to the channel’s support trend line at $0.0000077.

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