Shiba Inu ($SHIB) Price Analysis and Prediction

Bittime - Shiba Inu ($SHIB) price recently saw a significant increase on December 1. 

However, after that, SHIB entered a correction phase with a decline of up to 27%. Read this article to find out the analysis and price prediction of Shiba Inu ($SHIB)!

Shiba Inu Price Analysis Based on Daily Chart

Source: CCN.com

Shiba Inu price analysis based on the daily chart, SHIB has completed a five-wave Elliott Wave pattern before starting a correction. 

This correction forms an ABC pattern, with the initial wave showing a significant downward phase. 

Also Read:  Shiba Inu Price Today, How Much is 1 SHIB Coin in Rupiah?

Shiba Inu Price Analysis: Oversold Conditions

Shiba Inu price hit a low of $0.0000244 on December 10 before recovering by 12%, currently sitting at $0.0000274.

The Relative Strength Index (RSI) indicator shows oversold conditions, which could indicate a potential short-term recovery. 

However, selling pressure at the Fibonacci resistance levels of 0.236 and 0.382 remains a major hurdle for further price upside.

Shiba Inu Price Prediction

Here is the Shiba Inu price prediction. If the SHIB price is able to maintain support at the 0.5 Fibonacci level at $0.00002627, there is a possibility of further recovery. 

Wave (b) of the ABC corrective pattern is expected to test the 0.618 Fibonacci level at $0.00002959, which also serves as an important resistance level. 

However, if the selling pressure remains strong, wave (c) may take the price to the $0.00002350 level, in line with the 1.0 Fibonacci extension of wave (a).

Shiba Inu Price Prediction: Worst Case Scenario

The worst-case scenario is that the Shiba inu price could reach the psychological level of $0.00002000, which is considered a correction bottom before resuming a broader uptrend. 

Conversely, if SHIB price manages to break through $0.000031, this will invalidate the corrective structure and indicate a continuation of the bullish rally.

Also Read:  Shiba Inu Burn: SHIB Token Burn Update

Shiba Inu FAQs

What is a Shiba Inu?

Shiba Inu is a crypto asset that was originally known as a meme coin with the iconic Shiba Inu dog mascot, but has now grown into a project with a broad ecosystem, including DeFi, token burning, and a Layer 2 solution called Shibarium.  

How Does Shiba Inu Token Burn Work?

Shiba Inu token burn is done by permanently removing part of the SHIB token supply to reduce the number in circulation, so that the token becomes rare and is expected to increase the value of the token.

What is a Shibarium and its Benefits for Shiba Inu?

Shibarium is Shiba Inu's Layer 2 solution designed to increase transaction speeds, reduce gas fees, and support the development of blockchain-based applications.

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Reference

Nikola Lazic, Shiba Inu (SHIB) Gains 12% — Oversold Conditions Signal Potential for More, accessed Desember 13, 2024.

CoinGecko,  CoinGecko Coins Shiba Inu, accessed December 13, 2024.

Author: IPR