Shiba Inu Consolidates After Reaching Eight-Month High
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, is currently undergoing a consolidation phase following its recent surge. On December 1st, SHIB reached an eight-month high of $0.000033159 but has since corrected over 10% to its current price level. Despite this pullback, Shiba Inu has gained 19% over the past week, reflecting continued bullish sentiment in the market.
Analyst Expects SHIB to Hit $0.00006937
Renowned analyst TSLA Tracker expressed optimism for Shiba Inu’s potential rise. In a December 2nd tweet, he forecasted that SHIB would surpass the $0.00006 price level. According to his analysis, the token is poised for a significant 134% increase, targeting $0.00006937.
Shiba Inu Poised for a 130% Surge
TSLA Tracker shared a chart highlighting Shiba Inu’s clear price pattern and described the current setup as a promising opportunity for further growth. Similarly, market analyst Javon Marks echoed this bullish outlook, stating that the recent rally demonstrates Shiba Inu’s strength. Marks predicts the token could see a 172% surge, potentially reaching $0.000081.
Technical Analysis: Mixed Signals for SHIB
While analysts remain optimistic, the market presents mixed signals. The Relative Strength Index (RSI) on the 4-hour chart stands at 57.08, indicating room for further growth before the token enters overbought territory. However, the Moving Average Convergence Divergence (MACD) suggests a bearish outlook, with the MACD line below the signal line.
Decline in Trading Volume and Derivatives Activity
Shiba Inu’s 24-hour trading volume dropped by 55% to $2.73 billion, indicating reduced market activity. Additionally, derivatives volume fell by 53% to $715.5 million, showing less interest in leveraged trading for the token.
Current Price of Shiba Inu
At the time of writing, Shiba Inu is trading at $0.000030225, reflecting a modest increase of less than 1% over the past 24 hours.
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