How high can the Shiba Inu price go by December 31st?

Shiba Inu, the second largest meme coin in crypto, is in the spotlight after rising above a key resistance level. As Bitcoin price crosses $100,000 and the crypto market’s fear and greed index rises, there are chances that SHIB price will continue to rise in the next few weeks. So how high can the Shiba Inu price go by December 31st?

Technical analysis of Shiba Inu price suggests a jump to $0.00005458

The Shiba Inu price was trading at $0.00003150 on December 5, well above its year-to-date low of $0.00008280. As described below, technicals suggest that SHIB could reach $0.00005458 by December 31st.

On the daily chart, the coin recently moved above the key support level at $0.00003045, its highest level on November 12th. It also retested the key resistance level at $0.00003280, its highest level on March 27. This is a notable level since it was the top of the cup and handle chart pattern, the depth of which is about 67%.

SHIB price has also moved to the 38.2% Fibonacci retracement level and the Weak, Stop & Reverse level of the Murrey Math Lines. The coin has also formed a golden cross pattern as the 50-day and 200-day weighted moving average (WMA) formed a bullish crossover pattern.

The Relative Strength Index (RSI) and MACD indicator continued to rise, a sign of momentum. Hence the SHIB price is expected to rise to $0.00005458 by December 31st. This price target is determined by measuring 67% from the top of the cup.

On the other hand, a break below the key S&R pivot point at $0.000025 would invalidate the uptrend Shiba Inu price prediction. If this happens, the next place to watch is the 200-day moving average at $0.00001890.

SHIB has several catalysts ahead

The Shiba Inu price has numerous catalysts that could push it higher in the next few days. The coin’s burn rate has continued to increase with over 410 trillion tokens burned since its inception. Additionally, over 5.3 trillion SHIB coins have been staked.

Shiba Inu could benefit from the ongoing crypto bull market as Bitcoin has now risen above $100,000. A rise above $100,000 could trigger further gains as the price has been slightly below this level for a few weeks.

Additionally, the Altcoin Season Index has risen to 82, meaning these coins are doing well. In most time frames, meme coins like SHIB tend to perform well when the altcoin seasonal index is rising.

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Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.