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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 14, 2023 08:58 UTC
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WATCH OUT! SHIB Price Ready For 40% Hike Upon This Break!
The SHIB price action shows the bullish preparations for a double-bottom breakout rally.
With a long-tail candle reflecting buyers urging the break, the SHIB price bounces from the 50-week EMA.
Breakout of the double bottom can fuel the SHIB price to a new rally to reach the $0.00001438 mark.
Overcoming the bearish vibe leading to a flash pullback in the overall market, the bulls regain control as we move ahead. With Bitcoin making a morning star pattern with a 3.45% jump this Wednesday, the meme coins like the SHIB price, find a refueling moment.
A similar morning star in the Shiba Inu daily chart reflects the buyers making a comeback and leading to a 5.85% jump within the last 48 hours. Hence, the Shiba Inu price prediction hints at a successful bull run for meme coin to enter 2024 on a positive note.
In the weekly chart, the rise in trading volume supports the second comeback of the SHIB price from $0.00000651. Currently, the bull run challenges the overhead neckline of the double bottom at $0.00001025 mark and eyes a breakout rally.
With the buyers preparing to prolong the uptrend journey for Shiba Inu, the overnight price jump of 2.40% fueling the intraday growth of 3.57% today signals a breakout possibility. Further, the bullish comeback leads to a long-tail candle in the weekly chart taking support from the 50-week EMA. This increases the bullish sentiments for the meme coin in the weekly chart.
Currently, the SHIB price trades at $0.00001014, slightly above the psychological mark but the strong momentum supports the uptrend. Further, the long tails in the morning star candles and the rise in trading volume predict a high breakout possibility.
Technical indicators:
MACD indicator: With the bullish histograms regaining intensity, the MACD and signal lines return to the positive track. Thus, the momentum indicator signals an upturned continuation which may soon lead to a bullish break.
Will SHIB Price Cross $0.000010?
With the market regaining momentum, the bears lose their footing, teasing a smooth bullish sailing to overhead levels. Further, the meme coins are ready for a trend reversal as the prices approach crucial levels.
As per the above price action analysis, multiple bullish signals tease a prolonged uptrend for the meme coin. Hence, the chances of a SHIB price sustaining above the $0.000010 mark are increasing significantly. Therefore, the breakout of $0.00001026 will be crucial for the uptrend to move ahead. The next resistance levels are at $0.0000125 and $0.000015.
On the flip side, if the Shiba Inu coin price falls under $0.000010, then it could tumble to $0.000008360.
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