- SHIB experienced rejection at a resistance trend line on December 17, causing a sharp price decline.
- Despite this setback, SHIB has stabilized above a key horizontal level, prompting speculation about a potential year-end rally.
- The RSI signals a bullish trend on the weekly chart, yet short-term indications suggest a probable temporary decline before a potential breakout.
Shiba Inu (SHIB) has been on a rollercoaster of fluctuations, prompting investors to keenly observe its trajectory. On December 17, a critical resistance trend line dealt a blow to SHIB’s price, resulting in a swift and notable decline.
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However, the resilient nature of SHIB quickly came into play as it found stability above a pivotal horizontal level. This sudden stabilization has sparked speculation and discussions within the crypto community about the potential for SHIB to stage a remarkable rally before the year draws to a close.
The weekly chart’s Relative Strength Index (RSI) steadfastly indicates a bullish trend. The upward trajectory portrayed by the RSI on the weekly chart has instilled confidence among bullish proponents, suggesting a promising outlook for SHIB’s future.
Yet, despite this optimistic long-term projection, shorter-term signals have hinted at a possible temporary decline. The daily chart’s price action within an ascending parallel channel since June presents a compelling case for a momentary setback.
This short-term bearish prediction, fueled by recent price action and RSI indications, suggests a potential mild downturn before the possible initiation of a breakout. Should SHIB follow this anticipated path, a plausible scenario points to a marginal decrease of approximately 12%, targeting the nearest support level at $0.0000095.
However, amidst these nuanced market dynamics, an alternate narrative emerges. A prospective breakout from the channel would signify the completion of the correction phase, potentially ushering in an impressive 40% surge toward the next resistance level at $0.0000150.
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