- SHIB holds strong support at $0.00002675, showing buyer confidence at lows.
- Key resistance at $0.00002780 could trigger bullish momentum if broken.
- Analysts predict SHIB to reach $0.0000427 average price in December 2024.
Shiba Inu (SHIB) shows bullish momentum continuing amid signs of short term consolidation. At the time of writing, the current price is $0.00002727 that has increased by 1.94% in the past 24 hours.
Market sentiment remains cautiously optimistic as the price navigates key support and resistance levels. Although sellers have applied pressure near certain price ceilings, the support zones have proven resilient, preventing further downside. Looking ahead, analysts predict a promising trajectory for SHIB with significant upside potential by the end of 2024.
Key Support and Resistance Levels: Price Holding Firm
The SHIB chart highlights two critical support levels. The first support level is at $0.00002675, which marked the lowest observed price. This zone has attracted buyers, acting as a strong base to halt downward moves.
The second support level at $0.00002700 has repeatedly shown strength. SHIB revisited this area multiple times before bouncing back, indicating significant buying interest and confidence among investors.
On the upside, SHIB faces two notable resistance levels. The first resistance sits at $0.00002750, where sellers consistently pushed the price back, creating a temporary ceiling.
The second resistance at $0.00002780 represents the highest peak observed on the chart. A breakout above this level would confirm a stronger bullish trend, allowing buyers to gain control and push the price higher.
Technical Indicators: RSI and MACD Insights
Based on technical indicators, the prospects of Shiba Inu are mixed. The 1-day Relative Strength Index (RSI) is 49.71, meaning that SHIB is not overbought and not oversold. That means the price could swing up or down without providing beforehand the direction. However the signal line lies below the MACD line. Failure to turn in the favor of buyers may indicate a short term bearish outlook.
December 2024 Outlook: Promising Long-Term Projections
Changellyblog analysts expect Shiba Inu to have an average price of $0.0000427 in December, with the price potentially ranging between $0.0000273 and $0.0000581, indicating strong growth potential.
