Shiba Inu price is up 1.5% daily and is among the few top 100 cryptocurrencies in the green. Investors have recently been shifting attention back to the global meme market while Bitcoin (BTC) and Ethereum (ETH) struggle to sustain key support areas.
Despite the small tick-up in price, trading volume dipped by 42% to $133 million over the last 24 hours. SHIB is the 15th largest cryptocurrency, boasting approximately 4.7% in market capitalization.
Shiba Inu Price on The Move After Mysterious Countdown Alert
The sell-off that has been eating up Shiba Inu price over the last few weeks started to fade immediately after an unexplained countdown was posted on the project’s Twitter handle. Before the link to the countdown, users were requested to allow the Domain Name Service (DNS) to propagate correctly.
The community could be looking forward to Shiba Inu price rising to hit $1, bolstered by two new tokens referred to as LEASH and BONE. The Shiba Inu Incubator is also at the center of the mysterious countdown, promising an innovative reward system.
Shiba Inu Price Prediction: SHIB Eyes A 66% Breakout
Shiba Inu price is preparing to chew another zero after rebounding from support at $0.000008. After printing three consecutive green candles, the second-largest cryptocurrency trades at $0.00000871. A break is required above the token’s immediate hurdle, as highlighted at $0.000009.
Such a move could be strong enough to push Shiba Inu price to tag resistance at $0.00000946, reinforced by the 50-day Exponential Moving Average (EMA) (in red). It is worth mentioning that SHIB is also grinding closer to a falling wedge pattern breakout.
For now, the focus is on the bulls’ ability to obliterate the seller congestion at $0.000009. Traders wishing to trigger their long positions may consider doing so after Shiba Inu breaks and holds above the upper trend line of the wedge pattern.
A successful break above the pattern could open up Shiba Inu price to a 66.45% breakout to $0.000016. The appearance of a falling wedge points toward an incoming bullish trend reversal. Its breakage often results in a precise movement in price – 66.45% in SHIB’s case. This target equals the distance between the highest points of the wedge extrapolated above the breakout point, as illustrated.
As traders follow the uptrend, they must watch closely how Shiba Inu price reacts to key levels, especially those highlighted by the 50-day EMA, the 100-day EMA (in blue) and the 200-day EMA (in purple). Movement above any of these moving averages may help signal bullish momentum or its absence.
From the same daily chart, it can be deduced that SHIB is in the bulls’ hands, especially now that the Stochastic oscillator is about to cross above the midline (50.00). Further movement into the overbought region (above 80.00) might call more sidelined buyers into the market, thus propping Shiba Inu price for a sustainable recovery to $0.000016.
Investors Back Optimistic Outlook for Shiba Inu Price
SHIB’s supply outside of exchanges continues to grow despite the many uncertainties in crypto markets face. According to Santiment, there are roughly 866.84 trillion SHIB tokens outside of exchanges compared to 857.63 trillion in September.
Shiba Inu price will likely recover as investors hold more assets outside exchanges. In other words, people prefer to store crypto assets in non-exchange wallets when they believe a token will rally, hence the need to hold onto it for a longer period.
In other news, Binance celebrated Shiba Inu for emerging at the helm of the most watched crypto assets in 2022, next to Bitcoin and Ethereum. This shows that Shiba Inu’s meme coin hype has been sustained throughout the year, and this is a positive signal.
These Altcoins May Rally Outperforming Shiba Inu
Although Shiba Inu price is back in the bulls’ hands and looking forward to stepping above $0.00001, interested investors may consider new crypto projects launching soon. Tokens such as Dash 2 Trade (D2T) are almost completing their presales, with the first listing expected in early January.
FightOut is a new crypto project hoping to redefine the fitness lifestyle with the Web3 era in mind. It is a Move-to-Earn (M2E) app with a gym chain that gamifies the fitness lifestyle. Users in the ecosystem are rewarded for completing predetermined workouts and challenges while earning badges and growing within a dynamic community.
A tokenized economy will help run the ecosystem where users earn FGHT tokens for completing M2E tasks. Since FightOut is coming to revolutionize the fitness economy with Web3 solutions, users can create accounts and mint their own digital NFT avatars to use in the metaverse.
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Dash 2 Trade (D2T)
For traders and investors to excel in the crypto market, they must rely on accurate data and signals. Dash 2 Trade is a platform that brings trading signals, buy and sell opportunities, on-chain analytics and trading tools under one roof.
The platform is also a social trading tool where investors can share ideas. With Dash 2 Trade, strategy building has been simplified, and investors have access to a presale and token listing dashboard.
Dash 2 Trade presale has raised $10.18 million and is in its final stage. D2T is selling for $0.0533 ahead of its first exchange listing on January 11.
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RobotEra is another leading metaverse world to consider for a Sandbox-style project. The platform introduces a metaverse world with assets forming the world.
TARO, the native token – powers the ecosystem, allowing all in-world transactions. NFTs are also supported by the robot NFT used as the users’ character in the metaverse.
Land ownership allows users to bring up assets like buildings. Other activities are mining TARO, creating and playing games.
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