2022-12-28 17:23 |
The Shiba Inu (SHIB) price prediction states that a breakout from the current short-term is expected. However, the direction of the long-term trend is still undetermined.
Shiba Inu Approaches SupportThe SHIB price has decreased below a descending resistance line since Aug. 14. The line caused several rejections in late October – early November before falling sharply (red circle). The drop caused a breakdown below the $0.0000098 support area and its validation as resistance on Dec. 5 (red icon).
The SHIB coin price has decreased since and validated the $0.0000080 area as support on Dec. 19.
Despite the validation and ensuing bounce, no bullish reversal signs exist. The daily RSI is moving upward but it is still below 50 and has not generated any bullish divergence yet.
Due to the lack of decisive signs in either direction, the Shiba Inu price prediction for January still needs to be determined. Whether the SHIB price breaks out from the descending resistance line or breaks down from the $0.0000080 area could determine if the future price trend is bullish or bearish.
SHIB/USDT Daily Chart. Source: TradingViewAnother thing that adds to the ambivalence of the percentage of SHIB tokens that whales control. Currently, nearly 70% of SHIB’s circulating supply is held by whales, slightly more than 20% by retail, and less than 10% by investors. This could present a problem since it is possible for the whales to sell and crash the crypto asset’s price. In turn, it also makes the technical analysis readings less convincing due to the possibility of this sell-off.
Concentration Chart. Source: IntoTheBlock Shiba Inu Price Prediction For January: Short-Term Breakout Incoming?The technical analysis from the four-hour time frame offers a more bullish outlook for the SHIB price. The price action since Nov. 8 has been contained inside a descending wedge, which is considered a bullish pattern. While the price has consolidated over the past 24 hours, a breakout could occur soon. The main reason is the bullish divergence developed in the RSI (green line).
As a result, the Shiba Inu price analysis suggests that a breakout from the wedge is likely. If this occurs, it will take the Shiba Inu coin price to the $0.0000098 resistance area outlined prior. Afterward, the reaction once it gets there can determine the future trend.
SHIB/USDT Four-Hour Chart. Source: TradingViewTo conclude, the most likely SHIB price movement is a short-term breakout and an increase toward $0.0000098. Afterward, the Shiba Inu price prediction for January will be determined by the reaction once the price gets there.
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The post Shiba Inu Price Prediction for January: This Is What Will Determine Future Trend appeared first on BeInCrypto.
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