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Bitcoin‘s price reached a new annual high today, soaring to $38,833, which has raised hopes for December. Shiba Coin’s price has not experienced the anticipated rise for a long time; however, if market sentiment improves with the excitement of 2024, we might witness the expected bullish breakout. So, what are the current price targets indicating?
Analysis of Shiba Coin
Shiba Coin’s price has been trending below the decreasing trend line since January. This trend line, which has been tested many times, was last attempted to be breached in November, but to no avail. The most recent attempt was about 4 days ago. When the long-term descending resistance line and the support region from June converge, the formation of a symmetrical triangle pattern is observed.
The price, lingering below resistance, may surpass the region with the support of BTC’s rise. The increasing ETF approval expectations as we approach the year 2024 are anticipated to positively affect the overall market sentiment. Thanks to an impressive start in December by BTC, the cumulative value of cryptocurrencies also exceeded the $1.44 trillion threshold.
However, the cumulative volume hovering around $50 billion and threatening statements from a US Department of Justice official suggest that caution should not be abandoned.
Will Shiba Coin’s Price Increase?
The RSI is still in the neutral zone, and before any price breakout, it needs to enter the oversold territory. Short-term readings on the 6-hour chart show that since November 11, Shiba Coin has been trading within a decreasing parallel channel. The second-largest meme coin has not yet managed to escape this channel. On the contrary, the price is consolidating below resistance.
Shiba Coin’s price now appears to be at a decisive stage. If it can gain strength from the rise in BTC’s price, a breakout towards the $0.0000110 peak is possible. However, in the opposite scenario, rejection by the channel could lead to a drop to the nearest support at $0.0000072.
At the time of writing this article, the price of Shiba Coin is at $0.00000831, while Bitcoin is finding buyers at $38,391. Bitcoin closed November with an 8.81% gain and has so far risen by 1.78% in the new month.
- Bitcoin hits new annual high, boosting optimism.
- Shiba Coin’s price is at a critical decision point.
- Market sentiment may shift with 2024 ETF expectations.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
