As this article is being prepared, the Bitcoin price continues to linger around the $42,000 region. The recent Federal Reserve statements were of the kind that could undercut optimism. However, it would also be unrealistic to expect that all members will predict significant interest rate cuts for the coming year. So what’s the latest with Shiba Coin?
Shiba Inu (SHIB) Analysis
The second-largest meme coin has been following a decreasing resistance line since January. This negativity continued strongly until June 10th, resulting in a low of $0.0000048. After four unsuccessful breakout attempts, the line was finally crossed on December 3rd with the support of a rapid recovery in the BTC price. However, there were no closures above the resistance area this time either, and the December 11th drop in price greatly disappointed the bulls.
The sixth issue of The Shib magazine was released on December 12th, and Shibarium surpassed the 100 million transaction mark. Nevertheless, Shiba Coin, which usually stands out with its exciting products and news-making developments, seems unable to support its price with news these days. This reflects a disbelief brought on by many unsuccessful attempts. The situation isn’t good, with a failed Metaverse, NFT, DeFi, and now a failed layer2 solution.
Shiba Coin, attempting to build its own ecosystem in the meme coin space in a way no one else has, may continue to remain in the shadow of new, hype-driven competitors like BONK Coin if it cannot generate enough demand for its products. If new meme coins like PEPE and BONK maintain interest in 2024, this will not bode well.
Shiba Coin Price Predictions
The six-hour chart indicates an Elliott wave count pointing to a new upward movement. The most likely count suggests that the price is in the third wave of a five-wave upward movement. However, there’s a problem: BTC did not allow for the expected growth of this peak wave. Although the price continues to hover on the verge of deleting a zero, every BTC drop triggers Shiba Coin sales.
Decreasing volumes over the weekend and the possibility of BTC closing its first red candle in weeks may encourage bears. BTC has been closing in green for 8 consecutive weeks. However, the sales on December 11th presented an opportunity for the bulls to reverse the steady rise that has been ongoing for 2 months.
Shiba Inu is trying to break out of a parallel channel. A successful exit would confirm an upward trend. The first potential target for the peak of the movement is approximately 25% higher at $0.0000125. However, a lower wave count suggests that the rally may culminate at $0.0000156, which is 55% higher.
In the reverse scenario, a fall to $0.0000084 and $0.000007 could be seen.