Shiba Inu price was about to make a brand new start. However, the price recently broke a support in the form of a trend line, which wasn’t expected. Many traders anticipated that Shiba Inu price will start a new uptrend using the uptrend support. This line has now been broken, but does that mean that prices are about to fall? Or did SHIB crypto perform a fakeout before continuing upwards? In this Shiba Inu price prediction, we’re going to technically analyze the SHIB token.
What is Shiba Inu Crytpo?
Shiba Inu is a memecoin that was built on the Ethereum blockchain. It is easily recognizable due to the Shiba Inu dog image created on it. The crypto market population considers the token a close substitute for Dogecoin, while some call it the ‘Dogecoin Killer.’ Shiba Inu was created in 2020 by a group called Ryoshi. Shiba Inu gained fame in the market after it experienced a massive surge that took its market cap to $41 billion in October 2021. One of the proponents of the rise was Elon Musk, who tweeted a picture of his new puppy named Floki. Shiba Inu directly rivals Dogecoin in the market and has overthrown the token at one point in the market. It remains unseen if this will eventually happen.
Will Shiba Inu Price Rise or Fall?
Shiba Inu price has dropped to the GoldenPocket of the recent up move after breaking the trendline that served as support. Currently, the price is finding support at the GoldenPocket which is located at $0.00000245, which gives us a bullish sentiment. As long as the Shiba Inu price holds this GoldenPocket and thus forms a higher low, we expect prices to rise. Next, the price may retest the trend line, which serves as resistance. At the same time, the former support trendline might be retested to confirm the break.
At the moment the Shiba Inu course is in a bit of a quandary, which is why it would have to decide where to go in the next few days. If the GoldenPocket bearishly breaks, we would expect the price to resume the downtrend. If the trend line, which has served as resistance for several weeks, breaks, we expect prices to rise.
SHIB Price UP – But where to?
If we zoom out a bit from the chart, we can see that the Shiba Inu price has historically formed resistance at $0.0000331 and $0.000003844. Those would be our next targets, assuming the GoldenPocket child we touched on earlier holds up. Optimally, if resistances break, which we don’t expect, the price could test the GoldenPocket of the last full move down. This is located at around $0.00006.
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