Shiba Inu (SHIB) Overcomes Descending Trendline, Targeting 38% Upswing

ByDawn Pipkin

Dec 21, 2021

Briefly –

  • Shiba Inu had its price breaking beyond a descending trend-line early today.
  • SHIB seems prepared for a new uptrend towards the New Year.
  • Expect a massive bullish signal during the day, attracting investors in the coming days.

The meme coin Shiba Inu popped above a sinking trend-line that dictated price movements since December’s first sessions. This bullish gesture had attracted investors, sending the RSI higher. Analysts believe SHIB is on a Christmas uptrend that will extend into 2022 with $0.00004490 (61.8% FIB) as the first target.

Shiba Inu Price Sees Investors Jumping in for Year-End Uptrend

SHIB price registered a bullish gesture today morning after overcoming a downtrend that dominated for more than three weeks now. Bulls utilized yesterday’s S1 support ($0.000003000) false breakout as a bear trap and took advantage of the momentum to shoot past the descending trend-line. The lucrative upward move will have traders joining the bandwagon throughout the day.

Shiba Inu should witness solid extended buying activities, which RSI will reflect by ticking up quicker to the overbought region. By then, the Dogecoin-killer will have risen to a 61.8% FIB level of $0.00004490. As 55-day SMA stands above the market, expect the level to catalyze profit-booking as slight liquidity may mean faded price actions.

As markets remain volatile and thin over the past ten trading days, market players should anticipate whipsaw price movements in the upcoming sessions. The awaited rally will hardly maintain a straight line, and SHIB can develop a bull trap that might see Shiba Inu plummeting under the S1, testing a 78.6% FIB level of $0.00002782 for footing.

A further downward break will see the meme crypto hitting a 200-day Simple Moving Average of $0.00002051, securing support that can hold pattern towards the Ney Year.

For now, Shiba Inu seems ready for higher highs. Tuesday early trading sessions had the canine-themed token breaking out of downward channels. Maintaining the upward momentum might see SHIB gaining 38% in upcoming sessions.

Nevertheless, SHIB’s surges might rely on overall market sentiments. The crypto spectrum sustains bullishness at the moment. If financial markets keep the uptrend intact, Shiba Inu will join 2022 in a bullish leg.

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