Shiba Inu （SHIB） has seen a price increase of 1.85% in the last day, with bulls controlling the market. This article provides a detailed price prediction and analysis for SHIB.
Points
- SHIB has increased by 1.85% in the last day.
- The price is rising after a false breakout of the support level.
- Continued sideways trading is expected, with a possible test of resistance.
Shiba Inu （SHIB） has seen its price rise by 1.85% over the past day, with bulls gaining control at the start of the weekend. According to CoinStats and TradingView data, SHIB is currently trading at $0.00001776.
Short-Term Analysis: On the hourly chart, SHIB’s price is rising after a false breakout of the recently formed support level at $0.00001753. If this upward move continues, there is a high chance of testing the resistance level by tomorrow.
Daily Time Frame: On the daily chart, the price remains far from key levels, indicating a lack of dominance by either bulls or bears. This suggests that SHIB is likely to continue trading sideways in the $0.00001750 to $0.00001850 range.
Midterm Outlook: From a midterm perspective, if the weekly bar closes around the current prices, traders can expect a continued rise to the $0.14 mark next week. This would require sustained bullish momentum and market support.
Explanation
- Short-Term Gains: SHIB’s recent price increase is driven by bullish momentum following a false breakout of support.
- Sideways Trading: The current market conditions suggest continued sideways trading, with potential tests of resistance levels.
- Midterm Potential: If bullish momentum continues, SHIB could rise to $0.14, provided market conditions remain favorable.