Shiba Inu Price Prediction As Flag Pattern Hints $0.00001 SHIB Possible in December

Shiba Inu Price Prediction: The Shiba Inu price has been under a correction trend over the past three ways where the coin’s value declined from $0.00000964 high to $0.00000834, projecting a 13.5% loss. However, a look at the 4-hour time frame chart shows this downfall resonating with two parallel walking trends has shaped into a bullish flag pattern. while the current market uncertainty may prolong the downward trend, this chart setup could offer buyers an opportunity to counterattack.

Also Read: Shiba Inu (SHIB) Price Forecast With AI Insights For December 1

Will SHIB Price Extend Correction to $0.000007?

• The SHIB price correction shapes into a bullish flag pattern
• The coin price is still above the 50% Fibonacci retracement level, indicating the overall uptrend is intact.
• The intraday trading volume of the Shiba Inu coin is $118.5 Million, showing a 61% loss.

The Shiba Inu price has seen a slight uptick of 0.6% today, edging closer to retesting the upper boundary of its flag pattern. Historical analysis of this pattern suggests that previous attempts to breach this trendline have typically been met with substantial resistance, resulting in a retreat to the lower trendline. 

Given the Bitcoin price struggle to breach the $38,000 mark, market sentiment currently skews towards uncertainty and bearishness. Should the SHIB price reverse at this critical juncture, we could see a decline of approximately 14%, targeting a value of $0.00000715. 

This potential descent might encounter intermediate support levels at $0.00000806 and $0.00000761.

On the flip side, it’s important to note that the flag pattern is typically seen as a bullish indicator. Thus, a successful break above the upper trendline is needed to turn the dice in buyers’ favor. The post-breakout rally may propel the SHIB price towards higher price goals, potentially aiming for $0.00001 and then $0.000011.

SHIB vs DOGE Performance

A comparative analysis between the two leading meme cryptocurrencies, Dogecoin and Shiba Inu, shows both assets have witnessed a significant recovery. However, the SHIB appears to be facing a steeper correction, characterized by a pattern of new lower lows and highs. In contrast, the Dogecoin price has demonstrated a stronger rebound, poised to surpass its last swing high.

• Exponential Moving Average: The Shiba price struggling to sustain above the 200-day EMA shows negative sentiment among market participants.
• Vortex indicator: A bearish crossover state between the VI+(blue) and VI-(orange) slope accentuates the sellers’ upper hand.