Shiba Inu Price Prediction

Shiba Inu Price Prediction: SHIB Set for $0.00004000 Breakout as Ethereum Leads Market Recovery

Date: 12/12/2024

Source: Cryptos

Shiba Inu (SHIB) has recently experienced a notable price recovery. After hitting a 14-day low of $0.00002400 earlier this week, SHIB bounced back by 22% to open trading at $0.00002900. This rise is largely linked to positive trends in the broader cryptocurrency market, especially Ethereum (ETH). With Ethereum gaining momentum, could Shiba Inu be on the verge of a major breakout? Let’s take a closer look.

Key Highlights:

Shiba Inu Price Rebounds by 22%: SHIB price increased from $0.00002400 to $0.00002900.
Ethereum Leads the Recovery: Ethereum's strong performance is helping lift other coins like Shiba Inu.
Derivatives Market Shows Bullish Sentiment: Traders are increasingly betting on SHIB’s price continuing to rise.
Targeting $0.00004000: SHIB could potentially reach $0.00004000 if the bullish trend continues.

Ethereum Drives Market Recovery

The recent surge in Shiba Inu’s price can be linked to a broader recovery in the crypto market, with Ethereum playing a central role. Here’s why:

ETH Policy News: A report revealed that the incoming Trump administration might approve staking yield for cryptocurrency ETFs, which is boosting investor confidence in Ethereum.

Ethereum's Strong Inflows: Ethereum ETFs saw massive inflows, with $428 million pouring in on December 2. This helped ETH surge past $4,000 for the first time since November 2021.

Ripple Effect: As Ethereum gains, other tokens within the Ethereum ecosystem, including Shiba Inu, are experiencing a boost in value.

This pattern of Ethereum driving the market higher has historically led to positive effects on other tokens, particularly Shiba Inu.

Shiba Inu’s Recent Price Movements

Price Rebound

SHIB’s Recovery: Shiba Inu rose by 22% after hitting a two-week low of $0.00002400. By Thursday, it had reached $0.00002900.

Ethereum’s Role: During the same period, Ethereum also saw a significant rise, gaining 13.5% to retest the $3,900 mark.

This shows a strong correlation between Shiba Inu’s price movements and Ethereum’s market leadership.

Derivatives Market Sentiment

Open Interest and Spot Purchases: Shiba Inu’s open interest (the number of outstanding derivative contracts) increased by just 2%. This suggests that most of the price rise is due to actual spot purchases, rather than speculative derivative bets.

Funding Rate Shift: SHIB’s funding rate (the fee paid between long and short traders) flipped from negative to positive, increasing by 110% in the past 24 hours. This shift shows that more traders are becoming bullish on SHIB, suggesting further price gains.

Shiba Inu Price Forecast: Targeting $0.00004000

Based on current market trends, Shiba Inu is showing strong potential for continued price growth. Here’s what traders are looking at:

Bullish Indicators

Bull Bear Power (BBP): This technical indicator recently flipped positive, signaling that buying momentum is returning to the market after a period of decline.

Keltner Channels: SHIB’s price has climbed above the middle of the Keltner Channels, indicating that buying pressure is increasing. If it stays above $0.00002806, SHIB could see further gains.

Key Resistance Levels

$0.00003475 Resistance: This level, near the upper band of the Keltner Channels, is the first major resistance point. Breaking above it could open the door for a rally to higher levels.

$0.00004000 Target: If SHIB can break resistance and maintain its upward momentum, it could reach $0.00004000—a key psychological level for many investors.

Risks and Possible Downside

While the outlook for Shiba Inu is optimistic, there are risks to consider:

Support Levels: If SHIB fails to maintain its rebound, it could fall back to support at $0.00002138, the lower Keltner boundary.

Bearish Scenario: A drop below this support level would signal a potential deeper correction, invalidating the bullish trend.

Shiba Inu has shown a strong 22% recovery, largely driven by Ethereum’s market momentum. If Ethereum continues to attract investor interest, SHIB could break through key resistance levels and reach $0.00004000. Traders are increasingly optimistic, as indicated by the positive sentiment in the derivatives market. However, caution is advised, as a failure to maintain momentum could lead to a retracement.

Overall, the future looks promising for Shiba Inu, with a target of $0.00004000 within reach if the current trends persist.

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