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December 8, 2022
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Shiba INU Ready for a Larger Price Action, This is Where SHIB Price May Reach During the Weekend!

The post Shiba INU Ready for a Larger Price Action, This is Where SHIB Price May Reach During the Weekend! appeared first on Coinpedia Fintech News

The Dogecoin price surged enormously in the past week, surging more than 165% to reach the levels it traded before the market collapsed in May 2022. Meanwhile, the upswing has largely impacted the entire crypto space, including Bitcoin, which is trading above $21,000. Meanwhile, Ethereum’s price is speculated to rise beyond $1700 in the coming days, thereby offering scope for the altcoins to thrive. 

Shiba INU (SHIB) Price Analysis

Meanwhile, the Shiba INU (SHIB) price is very close to recording a large price action in the coming days as the value rises beyond the consolidation. Meanwhile, the upswing is yet to be validated, as the retest may eventually drag the price again within the pattern, pointing toward the resurgence of a bearish trend. 

Source: Tradingview

Shiba INU largely follows the DOGE price action, which enables the price to rise above the extended consolidation. However, the bulls are trying hard to uplift the price significantly, and as the buying pressure has been raising slightly, the possibility of an upswing emerges. With a jump, the SHIB price may initially reclaim the levels above $0.000013 and later head towards the target at $0.000015 very soon.

Shiba INU (SHIB) Technical Analysis

Indicators/ Pivot Levels Short Term Long Term
Relative Strength Index(RSI) 57.07  47.13
MACD 0.00 0.00
Average Directional Index(ADX) 28.32 13.72
Bull-Bear Power 0.00 0.00
Moving Average (MA)-50 $0.00001197 $0.00001900
Moving Average (MA)-200 $0.00001103 $0.00000713
Resistance $0.00001292 $0.00001539
Support  $0.00001248 $0.00001013

The Shiba INU (SHIB) price appears to be pretty bullish in the short term, as the RSI is trading along the average ranges and attempting to rise high. Meanwhile, the MACD continues to remain neutral, as does the bull-bear power. Hence, the bullish trend is expected to flip at any time from now. However, the ADX is pretty bullish, and hence the rally is expected to regain its strength and rise high. 

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