After a long adjustment period, Shiba Inu cryptocurrency is regaining interest. Let’s take a look at the future prospects of SHIB together.
Shiba Inu (SHIB) Price Situation
After recording a performance of nearly 400%, the price of Shiba reached a peak of $0.00004575. Unfortunately, reaching this level then led to a gradual decline, slowly bringing the price down to $0.0000108. This price level acted as a support level that was maintained thereafter.
Indeed, after reaching this level, the price of SHIB began to regain the attention of buyers. They initiated a series of higher lows, allowing for a real breakout above the resistance level of $0.000020 to reach the next level of $0.000028. Unfortunately, the cryptocurrency could not break this level and began a slight retreat phase.
At the time of writing this article, the price of Shiba Inu is trading around $0.000024. SHIB is currently in a short-term consolidation phase, with the low identified as $0.000022. Interestingly, this price level corresponds to the same position as the annual VWAP.
Furthermore, this consolidation follows a pullback of about 50% from its last bullish move. Therefore, the medium and long-term trend of the cryptocurrency remains bullish. These observations are confirmed by the crossover and bullish orientation of the 50 and 200-day moving averages. On the bullish momentum side, a clear recovery can be seen, although it has been temporarily hindered by a slight adjustment. This trend can be observed both in price and through oscillators.
The current technical analysis is carried out in collaboration with Elie FT, an enthusiastic investor and trader in the cryptocurrency market. He is currently a lecturer at Family Trading, a community of thousands of exclusive traders operating since 2017. You will find live lessons, educational content, and mutual support around the financial markets in a professional and warm environment.
Focusing on derivative products (SHIB/USDT)
The open interest of Shiba Inu perpetual contracts has followed the trajectory of the basis, reflecting a relatively healthy market, with speculative interest primarily directed towards buying. These observations are confirmed by the funding rate remaining positive. However, on the CVD side, a divergence is observed when compared with these indicators, indicating ongoing selling interest for market orders. In terms of liquidations, they remain insignificant, which may indicate cautious position management by traders or a lack of sufficient volatility to trigger large liquidations.
Since Shiba Inu's expansion, the heatmap highlights new liquidation zones on SHIB/USDT contracts. Above the current price, the most important level is around $0.0000265. Below, the $0.000022 area is particularly noteworthy. Even lower, another important zone appears around $0.000018. If the price approaches these levels, it could trigger massive orders, thereby increasing the risk of a strong volatility phase for the cryptocurrency. These zones form important points of interest for investors.
Shiba Inu Dog Price Forecast (SHIB)
If the price of Shiba Inu remains above the $0.000022 area, it may consider continuing bullish to the level of $0.000028 or even $0.000030. In the event this movement continues, the likelihood of breaking $0.000033 will pave the way to reach SHIB's ultimate peak at $0.000045. This scenario could lead to an increase of approximately 90%.
If Shiba Inu cannot maintain above $0.000022, a pullback to $0.000018 may occur. The next important support level, in the case of continued decline, will be around $0.000015. If the downward trend persists, it may be predicted to return to $0.000013 or even $0.000012, implying a decrease of about 48%.
Conclusion
Despite a significant correction following an impressive bullish run, Shiba Inu shows signs of recovery with a bullish trend in the medium and long term supported by strong technical indicators. Currently in a consolidation phase (short-term), SHIB still maintains favorable momentum, although the key resistance has not yet been broken. Therefore, it is crucial to closely monitor price reactions at key levels to validate or adjust current forecasts. Finally, let’s remind that these analyses are based solely on technical criteria, and cryptocurrency prices can change rapidly based on other fundamental factors.
