As the final business day of the year unfolds, crypto investors remain fixated on price charts, with altcoin volatility seemingly taking a pause. With only hours until January, high volatility is anticipated in the markets until mid-month, as the crypto community awaits the potential approval or rejection of the long-anticipated spot BTC ETF, which could significantly impact the market.
Shiba Coin, along with other meme coins like DOGE, has lagged behind many altcoins, with investors turning their attention to alternatives such as SOL and AVAX. Despite this, Shiba Coin has experienced a notable breakout on the weekly chart, steadily climbing since its June low of $0.0000054, and recently surpassing a long-term resistance in November.
Warnings of impending breakouts in the 400-700 day long-term resistance zones have been issued for months, leading to parabolic increases in some altcoins. However, Shiba Coin has yet to deliver the expected performance. The RSI confirms a bullish trend, and with BTC aiming for $43,000 again, investors remain hopeful.
The daily chart presents a more cautious outlook compared to the weekly chart. Recent profit-taking in altcoins has not yet disrupted the weekly structure, but Shiba Coin faces the risk of a short-term correction.
On December 17, SHIB was rejected by the resistance line of an ascending parallel channel, followed by a lower high on December 23, indicating a bearish signal. A significant factor was the bearish divergence in the daily RSI during the rejection period, favoring the bears.
In the event of a Shiba Coin downturn, the nearest support lies at $0.0000095. However, if Shib breaks free from the channel and achieves an upward breakout, it could potentially surge by 42%, reaching $0.0000150.
