The price of Shiba Inu (SHIB) is facing a breakthrough in resistance. Analysts expect that the optimistic market sentiment and the rise of BTC will drive the bullish momentum.
After Bitcoin price broke through the historical high of $105,000, the price of Shiba Inu has recently soared. Although the market may occasionally retest the highs, the prosperity of the overall cryptocurrency market has pushed the price of SHIB to multiple technical resistance areas. Analysts predict that with the rising market enthusiasm, Shiba Inu may set a new historical high, laying the foundation for further upward movement by the end of the year.
Will the price of Shiba Inu hit a new historical high by December this year?
A cryptocurrency expert on Twitter pointed out that SHIB is currently in a critical price range - between $0.000027 and $0.000030. This range is seen as an important level that determines its future trend.
According to the analysis, if SHIB can successfully break through the $0.000030 resistance, its price may soar to the previous high, further confirming the formation of a bull market. This trend may attract more investors to enter the market, driving the price up.
The expert emphasized that buyers need to break through the psychological barrier of $0.000030 to restore the upward momentum of the market. Once this breakthrough is achieved, the market may welcome further upward trends and lay the foundation for SHIB to return to the historical high of the 2021 bull market - $0.00008845.
Against the backdrop of the currently positive market sentiment, this potential breakthrough will become a major turning point for SHIB, providing opportunities for future price increases.
BTC price reached a historical high of $106,000, rising for seven consecutive weeks, setting the highest weekly gain since 2021. This surge in the cryptocurrency market may ignite a bullish optimistic sentiment, causing the price of SHIB and other top Altcoins to hit new highs. The surge of other top meme coins, including DOGE, PEPE, and WIF, may also drive the price of SHIB to soar.
SHIB Price Analysis: Can Shiba Inu reach $0.00004 this week?
As of December 16, the latest price of SHIB is $0.00002747, with a slight increase of 0.67% in the past 24 hours, showing moderate upward momentum. However, the price fluctuations are relatively obvious, with a low of $0.00002687 and a high of $0.00002826.
In terms of technical indicators, the MACD line has fallen below the signal line, suggesting that the market may be entering a bearish reversal phase. At the same time, the green histogram of the Awesome Oscillator (AO) is gradually weakening, further indicating that the bullish momentum is waning. Overall, although the current price performance of SHIB is stable, the technical analysis shows that it may face correction pressure in the short term, and investors need to closely monitor the changes in market trends.
Shiba Inu (SHIB) is currently in a critical price resistance area, with market trends full of potential and uncertainty. If the current bullish momentum continues, SHIB is likely to break through the $0.00003 resistance in the short term. Once this level is decisively broken, the price may quickly rebound to $0.000035 and further rise to $0.00004. According to this trend, by the end of this week, SHIB is expected to achieve a gain of about 41%.
However, the other side of the market is the potential bearish pressure. If the bears regain control, SHIB may fall below the critical support of $0.000027. This scenario will weaken the current bullish structure and may lead to further declines to $0.000025 or lower levels, reversing the recent uptrend.
Currently, Shiba Inu is facing a critical decision. If market conditions remain favorable and successfully break through $0.00003, the price of SHIB may continue to rise and gradually approach its historical high. Conversely, failing to defend the key support level will expose the price to the risk of correction, and investors need to closely monitor the market dynamics.
