Bitcoin’s price has reached a new yearly high of $38,833, raising hopes for the month of December. While Shiba Coin’s anticipated rise has been delayed for a long time, it is expected that a bear market could be seen in 2024 if market sentiment improves.
Shiba Coin has been trading below a declining trend line since January, with the line being tested several times but unsuccessful in the last attempt in November. It is observed that a symmetrical triangle formation has formed at the intersection of the long-term declining resistance line and the support zone from June.
It is possible to see Shiba Coin surpass its resistance as Bitcoin continues to rise. Expectations of increased ETF approvals as we approach 2024 can positively affect overall market sentiment. With Bitcoin making an impressive start to December, the total value of cryptocurrencies has exceeded $1.44 trillion.
However, caution is advised due to the total volume hovering around $50 billion and the threatening statements made by a US Department of Justice official.
The RSI is still in neutral territory and needs to enter the oversold area for any significant price decline. According to short-term indicators, Shiba Coin has been trading within a decreasing parallel channel since November 11. As the second largest meme coin, Shiba Coin has not yet been able to break out of this channel and it appears that the price is consolidating below the resistance.