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Shiba Inu Price Prediction: The Bitcoin rally took a breather this week ceding the stage to blue chip altcoins like Ethereum, Solana, and top meme coins including Shiba Inu and Dogecoin. SHIB price has in turn increased by 5.5% in 24 hours to $0.00001, with Dogecoin rising by 5%, although it had slipped under $0.1 to trade at $0.097 on Friday.
Shiba Inu Price Prediction: Can Double-Top Breakout Propel SHIB To $0.000011?
The ongoing pause in the Bitcoin rally has brought altcoins back on center stage. As Solana hit a new 2023 high of $73.5, Shiba Inu broke out of a cup and handle pattern. This hinted at a 19% move to $0.000011but due to resistance at $0.000015, traders began profiting paving the way for a pullback.
For that reason, Shiba Inu price successfully tested the neckline resistance—now support at $0.0000095 and reclaimed the ground slightly above $0.00001. The meme coin’s position above all three MAs starting with the 200 Exponential Moving Average (EMA) (purple), the 50 EMA (red), and the 21 EMA (blue), validates the bullish thesis.
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If the Moving Average Convergence Divergence (MACD) indicator flashes a buy signal, the chances of the cup and handle achieving its breakout target would increase significantly.
A strong technical structure is evident in the daily time frame, with the MACD donning a solid buy signal. As long as the momentum indicator is rising above the neutral area, the path with the least resistance will remain upward.
Two bullish crossovers could also seal the deal for the bulls. The first golden cross occurred when the 21-day EMA moved above the 200-day EMA on December 3 while the second one could bolster Shiba Inu price for a breakout above the next hurdle at $0.000011.
However, traders must be cautious due to the presence of a double-top pattern resistance approximately at $0.0000105. SHIB first tested this hurdle in August and went head to dump heavily from $0.000011 to October lows at $0.0000067.
Therefore, some market participants may choose to lock in the gains as Shiba Inu approaches the double-top again thus adding to the sell-side pressure.
However, as long as the MACD upholds the bullish theory and Shiba Inu stays buoyant above $0.00001, it might be too early to exit the market at $0.00001. Remember if the resistance is broken, FOMO may drive traders and investors into the market to provide more momentum for a larger breakout first to highs at $0.000015 and later to pave the way for a breakout to $0.00002.
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