Previously, the correction phase that started in November 2021 last year had a significant impact on the price of the SHIB token .
The coin lost 65% of its value and fell to the $0.000031 support.
However, the price is getting decent demand pressure from the lower support, suggesting an upcoming rally.
Also Read: These 3 Crypto Assets Stick to Dogecoin, Shiba Inu Drops Out of the Top 15
Additionally, the latest news for the Shiba Inu token is that Australia's longest-serving crypto exchange, 'CoinJar,' will be listing the Shiba Inu with six other coins.
The SHIB price crossed above the 20 and 100 EMAs in the daily time frame chart.
The 24-hour trading volume in Shiba Inu coins was $1.56 Billion, representing a loss of 20.6%.
Shiba Inu Price Analysis and Prediction: Will Be a New Year's Gift and Good News for Investors
Analisa dan Prediksi Harga Shiba Inu: Bakal Jadi Kado Tahun Baru dan Kabar Gembira Bagi Investor
As mentioned earlier it fell to the important support of $0.000031 and entered a narrow consolidation
Quoted from coingape, the price of the Shiba Inu token has been resonating between $0.000375 and this low of support for over three weeks.
On December 20, the price of the coin experienced strong selling pressure, which reached $0.00002885.
However, the bulls enter and change the price with a Doji type candle at the end of the day. Further, the coin is showing a strong follow-through candle towards the $0.00003775 overhead resistance.
Also Read: Shiba Inu Coin Used as a Payment Tool at GiftChill Together with Bitcoin, Solana, and Ethereum, Profitable!
The price of the SHIB token is still maintaining its bullish trend as the price is trading above the 200 EMA. Moreover, the recent rally reclaimed the 20 and 100 EMA lines.
The daily Relative Strength Index (46) shows an impressive recovery similar to the price action . The line could soon reach the midline in hopes of a bullish crossover.
SHIB/USD 4 hour time frame chart
Shiba Inu Price Analysis and Prediction: Will Be a New Year's Gift and Good News for Investors
Shiba Inu Price Analysis and Prediction: Will Be a New Year's Gift and Good News for Investors
The price of the SHIB token is showing a V-shaped recovery in this lower timeframe chart.
The Shiba Inu token is currently trading at $0.000348, indicating 14% growth from lower support.
However, the token still needs to break through and hold above the $0.00003775 resistance, providing better confirmation for the bull rally.
The moving average convergence divergence indicator for the 4-hour chart is showing bullish momentum for the price .***