The cryptocurrency market has been on an absolute tear in 2021, and that is also true for one of the most well-known altcoins in the space – Shiba Inu (SHIB). SHIB is scheduled to be listed on Coinbase Pro in early December and is already surging on the news, with its price hitting a new all-time high of over $0.00006500 in just a few days. Against Bitcoin (BTC), SHIB has surged over 2000% during the course of the year, making it one of the highest performing altcoins in existence.
Looking at the chart, it is clear that SHIB is facing a very strong resistance at the $0.00007000 level. This has been the case for several days now and the price keeps getting rejected at this point. We can also see that the volume has decreased significantly, hinting that SHIB is entering into a consolidation phase. However, there is still strong support for the cryptocurrency, with several bullish indicators signaling that the price could break out of the resistance soon.
On the daily chart, we can observe that SHIB has been trading in an ascending triangle formation for the past few days. This is generally considered a bullish indicator and could indicate a breakout soon. In addition, we can also see that the moving average convergence divergence (MACD) is headed in a positive direction, with the MACD line running above the signal line. This could be further evidence that the price of SHIB could break out of the $0.00007000 level soon.
The monthly chart is also looking positive, with SHIB having closed out November in an uptrend. The Relative Strength Index (RSI) is also in a bullish territory, although it is just slightly above the overbought line. This indicates that the market is still bullish and could see an upwards surge soon. In addition, the Stochastic oscillator is also running in a positive direction, displaying a bullish divergence.
Overall, the outlook for SHIB is looking very bullish for December. The cryptocurrency has been trending up for a few weeks now and the technical indicators are all signaling a breakout from the current resistance level. The upcoming listing on Coinbase Pro could provide the much-needed catalyst for a major breakout, with SHIB potentially hitting new all-time highs in the near future.
FAQs
- What is the outlook for Shiba Inu in December 2022?
- What is the resistance level that Shiba Inu is facing right now?
- Will Shiba Inu be listed on Coinbase Pro in December?
Answers:
- The outlook for Shiba Inu in December 2022 is looking very bullish. The cryptocurrency has been trending up for a few weeks now and the technical indicators are all signaling a breakout from the current resistance level.
- The resistance level that Shiba Inu is facing right now is at the $0.00007000 level.
- Yes, Shiba Inu is scheduled to be listed on Coinbase Pro in early December.
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