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BTC price hovers around $38,200 as this article is being prepared, with little time left until the monthly close. The anticipated scenario was a bullish push for a higher monthly close followed by a support test. Whether the early BTC rally gains can sustain until Thursday is uncertain, but the Shiba Coin chart is sounding alarms.
Shiba Coin Chart Analysis
The second-largest meme coin by market value failed to perform the anticipated parabolic rallies in 2023. The lack of support from Shibarium to the price, delayed launch, network issues, stolen code allegations, and extremely low demand in the network made this quite normal.
However, the Shiba Coin team has not been able to distract from the Shibarium failure with a new project for the community. This was not something we were used to.
Since the beginning of 2023, the Shiba Coin price has been struggling below a descending resistance line. The trend line has witnessed numerous rejections, three of which occurred in November alone. The upper wicks showing the impact of selling pressure highlight the disbelief among investors.
Since June, the SHIB price has followed an ascending support trend line that forms a symmetrical triangle when combined with the aforementioned resistance. The RSI is neutral, but the BTC price increase gives hope for an upward breakout.
What’s the Dollar Target for Shiba Coin?
In the short-term six-hour chart, the popular meme coin has been trading within a decreasing parallel channel since November 11. Such channels usually contain corrective movements, and the long-term breakout mentioned above is also showing up in the short term. Decreasing parallel channels are often precursors to major breakouts, and the Shiba Coin chart now signals an imminent increase in volatility.
Although SHIB bounced from the support region on November 22, which coincided with the channel’s support trend line, it failed to break out of the channel. ChartMonkeyBTC is confident of an upward breakout in subsequent attempts and anticipates a price surge of nearly 100%.
Depending on the breakout from the channel and triangle, we may see Shiba Coin’s price reach new peaks or troughs. Especially as the month-end close approaches and BTC volatility is expected to increase, investors should be prepared for surprises. The first convincing upward target is $0.0000105, while there is support at $0.0000072.
- Shiba Coin struggles with market dynamics.
- Analysts anticipate potential breakouts.
- Investors brace for upcoming volatility.
