Bitcoin’s price continues to linger around the $42,000 region as this article is being prepared. Recent Federal Reserve statements were of the kind that could undermine optimism. However, it would be nonsensical to expect that all members would suggest significant interest rate cuts for the upcoming year. So, what’s the latest on the Shiba Coin front?
The second-largest meme coin has been following a declining resistance line since January. The negativity continued strongly until June 10th, resulting in a low of $0.0000048. After four unsuccessful breakout attempts, the line was finally crossed on December 3rd with the support of a rapid recovery in the BTC price. However, there were no closures above the resistance area this time, and the December 11th downward candle significantly dampened the bulls’ morale.
The sixth issue of The Shib magazine was released on December 12th, and Shibarium surpassed the 100 million transaction threshold. Yet, despite its reputation for exciting products that generate buzz, Shiba Coin is currently unable to support its price with news. This demonstrates the disbelief brought about by many failed attempts. The situation is not good with the failure of Metaverse, NFT, DeFi, and now the unsuccessful layer2 solution.
Shiba Coin, attempting to build its own ecosystem in the meme coin area, may continue to remain in the shadow of newly hyped rivals like BONK Coin if it fails to gather sufficient demand for its products. If new meme coins like PEPE and BONK keep the interest alive in 2024, this would not bode well.
Shiba Coin Price Predictions
The six-hour chart’s Elliot wave count indicates a new upward movement. The most likely count suggests the price is in the third wave of a five-wave upward movement. However, there’s an issue: BTC did not allow for the expected growth of this peak wave. Even though the price continues to hover on the verge of dropping a zero, every BTC decline triggers Shiba Coin sales.
The weekend’s declining volumes and the possibility of BTC closing its first red candle after weeks might embolden the bears. BTC has been closing green for 8 consecutive weeks. However, the December 11th sales created an opportunity for the bulls to reverse the steady rise that had been ongoing for 2 months.
Shiba Inu is trying to break out of a parallel channel. A successful exit will confirm the upward trend. The first potential target for the peak of the movement is approximately 25% above at $0.0000125. However, a sub-wave count suggests that the rally might conclude 55% higher at $0.0000156.
In the opposite scenario, a drop to $0.0000084 and $0.000007 could be seen.
