Shiba-Inu (SHIBUSD) Price Forecast: December 20
Shiba-Inu pair is currently trading in an ascending channel and from the look of things, the crypto will rise further. If all the current support holds and the bulls should trigger their efforts and break up the $0.00001174 supply trend line, the bullish correction pattern may likely extend the coin price to hit the $0.00001200 upper resistance mark. Thus, a turnaround and clear buy signal for the coin holders.
Key Levels:
Resistance Levels: $0.00000900, $0.00001000, $0.00001100
Support Levels: $0.00000600, $0.00000500, $0.00000400
SHIB (USD) Long-term Trend: Bullish (Daily Chart)
The momentum on the long-term outlook is still in an uptrend despite the inflows from the sell traders. The chart suggests that the Shiba-Inu price will rise further as the price bar can be seen trading above the EMA-50. Thus, the bulls are capable of pushing higher from this trend line.
The coin has been having a series of moves by the bulls which has made it easier or possible for the price to remain firm in an uptrend in its recent price level.
The drop in the price of SHIBUSD to the $0.00000955 low value above the EMA-50 as the daily chart commenced today has no serious effect on the market as the price remains in an uptrend.
Hence, staying above the supply levels indicates that the coin price will rise further which is a strong possibility for a bullish correction.
Thus, a strong push by the bulls could turn around the coin price and break up the $0.00001174 previous resistance point which would strengthen the bullish pressure.
Additionally, Shiba Inu’s price will rise further soon as the coin market now approaches the oversold region. This will cause the bulls to resume the uptrend soon and in this case, the price could rise further to the $0.00001200 high mark in the days ahead.
SHIB (USD) Medium-term Trend: Bullish (4H Chart)
The SHIBUSD pair remains in the bullish market zone in its medium-term view. The market price staying above the resistance trend line confirms its bullishness and the high impact of the bulls. The coin has been making higher highs and higher lows in the previous actions, making it possible for the price to maintain an uptrend.
Despite the interruptions from the short traders at a $0.00000955 low level, buyers successfully pushed the market price of Shiba-Inu above the moving average lines at the $0.00001021 supply level as the 4-hour chart opens today.
Hence, we have a bullish bias that the coin price will rise further to the upside if the buying pressure should increase.
Currently, the crypto is correcting as indicated by the daily stochastic, therefore there may be a potential rise in the SHIBUSD price and this may retest the previous high at the $0.00001174 supply level which might further extend the coin price to the $0.00001200 high trend line in the coming days in its medium-term outlook.
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