Shiba Inu Price Prediction: key insights for $SHIB investors over the short-term

Utkarsh Gupta

Bitcoin reached a new all-time high of $67,000 but it might have slowed down the bullish momentum of Shiba Inu. After surging by 830% in October, It is currently registering a 17% drop for November. However, over the next few days, the asset may reflect another breakout, hence the need for Shiba Inu Price Prediction. At press time, Shiba Inu had a market cap of $34 billion, ranked 11th in the charts.

Shiba Inu 4-hour time frame

Source: Trading View

Shiba Inu reached $0.00008854 on 27th October but it has continued on a downward part after the peak. Over the past week itself, Shiba Inu dropped by 22%. At press time, SHIBA is oscillating between a symmetrical triangle. The possibility of a bullish and bearish breakout is currently a 50-50 split. At the moment, a couple of situation is foreseeable for the meme token.

A bearish breakout may take Shiba down to an LTF(Lower Time-Frame Support) of $0.00004458 before it re-traces and exhibits a bullish reversal. The 2nd scenario could be an immediate bullish move where the previous all-time high of $0.00008854 will be tested. The dropping trading volumes alongside the price is a good indicator that rising trading volumes would have a positive impact.

Bollinger Bands(blue converging lines) also suggested that the market is primed for a breakout after dropping down volatility over the past week.

Market Indicator

Source: Trading View

Relative Strength Index or RSI is currently neutral between buying and selling pressure. It means both the bulls and bears lack directional momentum. MACD lines suggested a minor bullish trend. However, it was extremely feeble and did not indicate a clear trend.

How should traders invest in Shiba

Unless Shiba Inu breaks under the High-Time Frame support of $0.00003528, the long-term trend is still bullish for Shiba Inu price prediction. For the short-term, it is critical to witness a breakout from the symmetrical triangle first. Then, an investment decision should be made in terms of short-term profitability.