This Shiba Inu technical analysis is purely based on charts and indicators that the author is knowledgeable about. There are other indicators that may cause a different interpretation of the SHIB price movement. To get the best Shiba Inu price analysis, kindly refer to different technical analysis experts.
Read CRYPTONEWSLAND onNow that we have come to the last month of 2021, is Shiba Inu (SHIB) a good investment? In this article, we talk about Shiba Inu price movement and its potential profits for willing investors. Without further ado, let us proceed to our Shiba Inu technical analysis for December 2021.
Shiba Inu experienced an exhilarating run last November. As seen on our 1-day chart, SHIB price reached almost $0.00009 before making a price correction. Upon its descent, we also witnessed a symmetrical triangle pattern, which is a significant technical analysis indicator.
Specifically, the triangle pattern indicates that the price will move either upward or downward. In this case, the SHIB price movement went downward after the triangle, which suggests that the current trend is down.
Fortunately, Shiba Inu has flipped the $0.00003-$0.00004 resistance zone into support. Currently, the bears are testing the strength of this support level. If the support level fails, the next level that we should observe is the $0.00001 level. This is a very strong support level for Shiba Inu.
Now that we are done with the Shiba Inu (SHIB) 1-day technical analysis, will the 4-hour chart show a different scenario? Let us continue with our SHIB price technical analysis article.
In the 4-hour chart, we see multiple falling wedges, which is a bullish signal. This indicates that the support is indeed being established, confirming our support zone. Bulls would love to make their entry from $0.00004265 until $0.00003778 and go long.
On the other hand, the trading volume is at an average rate. This shows that the market has not yet decided what to do with Shiba Inu. The relative strength index is at 44, which means that SHIB is currently oversold. Once traders have started to notice Shiba Inu, they may feel this is a good entry for them.
As we have witnessed last month, Shiba Inu (SHIB) price can go anywhere from $0.00001 to $0.00009, which is a wide range. It would be difficult to predict the price of Shiba Inu toward the end of the month. However, a conservative short-term price prediction would be from $0.00006 up to $0.00008. If the crypto bull run resumes again, Shiba Inu could even reach up to $0.0001.
In summary, our Shiba Inu technical analysis states that SHIB price could go from $0.00006 up to $0.0001.
Disclaimer: No information in this article should be considered as investment advice. CryptoNewsLand does not make assurances about the future performance of the tokens mentioned above nor the success of their project. Everyone is encouraged to make his own research before making any investment decision, given that cryptocurrencies are known to be volatile in nature.
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