Wednesday, November 30, 2022

Shiba Inu (SHIB) is looking at a 20% rally in the near term

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Shiba Inu (SHIB) has enjoyed a period of rallying as the broader market saw gains in the last week or so. But even as bulls try to get the coin up and up, they have had to face several major resistance zones in the process. But SHIB could swing up by 20% in the near term. Here are the latest facts on the price action:

  • Bullish run for SHIB is facing major resistance at $0.0000273

  • The coin has tested that price in the last few days but has failed to overcome

  • SHIB could rise by another 20% if indeed that zone is breached in the coming days.

Data Source: Tradingview 

Shiba Inu (SHIB) – Price analysis and prediction

After showing a lot of weakness at the start of March, Shiba Inu and most meme coins have all rallied. The coin has now managed to pair up some of the losses made this year and is already above its 20- and 50-day exponential moving averages. 

Despite the recent uptrend, SHIB has faced major resistance at $0.0000273. Bulls have tested the price several times in the last two trading sessions but so far it has not been breached. 

However, looking at other momentum indicators, it is likely that the overhead resistance will break. When this happens, SHIB could surge by over 20%. But if bulls somehow fail to get over that price, the token could fall back to $0.0000231.

Is Shiba Inu (SHIB) ideal for buying?

There is a short-term play here with the $0.0000273 resistance. If the price action goes above that, you can expect a swing of at least 20%, so it will be a good time to buy. 

As for long-term investors, it would be best to wait for a significant pullback before you buy. You do not want to be buying close to resistance.

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