Popular cryptocurrency market analyst Captain Faibik recently shed light on his predictions towards the Shiba Inu (SHIB) price and revealed where the cryptocurrency is expected to be by mid-December.
Crypto Analyst Optimism on Shiba Inu
The crypto analyst used his official X account (formerly Twitter) to share his projections on the price movement of Shiba Inu. According to the analyst post and token chart, SHIB broke a trendline near the $0.00000839 price level.
Due to this data, the analyst believes that the crypto asset is undergoing a significant retest. Captain further highlighted that if the retest is successful, the token could see a bullish rally of up to 2X by mid-December.
SHIB broke out of a major trendline and is currently undergoing a retest. If the retest is successful, we could see a bullish rally up to 2x by mid-December.
Additionally, the analyst highlighted that the 2X price rise could take the token up to $0.00001678. However, a close look at the chart on post X reveals just how difficult it will be to pass this new test.
So far, The price of the Shiba Inu has exceeded the $0.000016 threshold only once since May 2022. This was during a brief peak that occurred in August 2022.
Additionally, the price growth of crypto assets has not been as impressive as other altcoins. Shiba Inu year-to-date (YTD) price growth is up 4.97%.
However, SHIB is currently trading at $0.0000086, up 22% in the last 24 hours, suggesting a more optimistic outlook. Its market capitalization is around $5.2 billion, with a trading volume of $162 million in the last 24 hours.
The cryptocurrency market analyst’s predictions were fueled by Shiba Inu’s courage, which allowed him to regain his shine in the face of many obstacles. His predictions appear to have generated increased confidence in the Shiba Inu Community.
Algorithmic prediction of crypto price by December
Captain Faibik shared one of the other predictions regarding Shiba Inu price by December. Recently, crypto analytics company CoinCodex’s price algorithm prediction also predicted a bullish outlook for the token between now and December.
Shiba Inu price is predicted to reach $0.0000095 by December 11, which indicates a 10% increase from its price at the time of the forecast. His prediction is more likely to come true, given the possibility of additional events. whales and regular investors joining the token market.
The projections also highlighted around 4 technical analysis indicators that suggest bearish conditions, while around 24 indicate optimistic signs. Moreover, according to the prediction, the token’s current RSI value of 63.05 is neither overbought nor oversold.
Featured image from iShock, chart from Tradingview.com