Shiba Inu (SHIB) Price Forecasts for December 2023

Bombolo | News and Media

Shiba Inu (SHIB) has faced some challenges in 2023. Even though they launched a new and improved network, the price of SHIB has been going down recently. In the last week, it dropped by 3.9%, and in the last two weeks, it went down by 6.2%. However, over the past month, it has managed to go up by 7.2%. So, it's been a bit of a rough ride lately, but there's been a modest increase in value over the last month.

Let's break down the technical analysis in simpler terms:

Pivot Point: The crucial level for Shiba Inu (SHIB) is $0.0000082. This level helps determine the immediate direction of the coin.

Resistance Levels: SHIB faces obstacles at $0.0000086, $0.0000089, and $0.0000092. These levels are important in assessing whether SHIB can go up.

Support Levels: On the flip side, to prevent further drops, support levels are at $0.0000079, $0.0000076, and $0.0000073.

RSI (Relative Strength Index): The RSI is currently at 41, which is below the neutral 50 mark. This suggests a bearish sentiment, indicating the potential for a downtrend or a lack of strong upward momentum.

50-Day Exponential Moving Average (EMA): The 50 EMA stands at $0.0000083, and since SHIB is trading below this mark, it reinforces the bearish trend.

Chart Analysis: Looking at the chart, there's a trendline acting as resistance at $0.00000860. Additionally, a bearish crossover in the 50 EMA and a bearish engulfing candle pattern both indicate a selling trend.

In simpler terms, the analysis suggests that SHIB is facing challenges. It's struggling to go up, and there are signs indicating a tendency for the price to either go down or, at the very least, not rise strongly. The resistance and support levels give an idea of the critical points to watch, and indicators like RSI and EMA reinforce the overall bearish trend.

Also Read: Can Owning Just 1,000 SHIB Tokens Make You a Millionaire?

Shiba Inu (SHIB) Price Predictions for December

Positive Prediction for December 5, 2023:

SHIB is expected to reach $0.00000891 on December 5, 2023, showing a growth of about 7.22% from its current value. The prediction suggests that SHIB might continue to rise for most of December. There's a chance that SHIB could have fewer zeros after the decimal point around mid-December.

Negative Prediction for December 8, 2023:

There's another prediction that SHIB could drop to $0.00000718 by December 8, 2023, indicating a fall of around 13% from its current value. The expectation is that SHIB might move within the range of $0.00000750 and $0.00000880 for most of December. However, it's not expected that SHIB will lose a zero after the decimal point in December.

Mixed Predictions for December 5 and 26, 2023:

On December 5, 2023, SHIB is predicted to drop to $0.00000794, which is a decrease of 4.4% from its current value. Nevertheless, there's an optimistic outlook for December 26, 2023, with an expectation for SHIB to rise to $0.00000918, showing an increase of about 10% from its current price.

Overall Outlook:

Despite a less impressive performance in 2023, some analysts believe that Shiba Inu (SHIB) might regain momentum in 2024.

Also Read: Unleashing Millionaire Dreams: Can SHIB Make You A Crypto Millionaire?