Captain Faibik, a famous Bitcoin and crypto analyst on X, has observed a crucial signal on SHIB, the native coin of the Shiba Inu ecosystem. In a recent post, Faibik used the SHIB/USDT 3-day chart to show that SHIB has broken above a significant trendline in a bullish trajectory.
#SHIBA $SHIB has broken out of a Major Trendline and is currently undergoing a Retest.
If the retest is successful, we might witness a Bullish Rally up to 2x by mid-December. 🚀 https://t.co/xwmUbRSdVp pic.twitter.com/L9bwnm4TKb
— Captain Faibik (@CryptoFaibik) November 15, 2023
At the time of Faibik’s post, SHIB’s price on the 3-day chart was retesting the upper side of the trendline. According to the analyst, if the retest succeeds and the price stays above the trendline, SHIB could rally to earn a 2X profit by the middle of December.
SHIB’s latest rally started on October 19, following a bounce off a local low established at $0.00000662, according to data from TradingView.
SHIB/USD Daily Chart on TradingView
In a steady rise, SHIB has overcome two significant resistance levels, the first around $0.00000756 and the second at $0.00000837, with the second one coinciding with the trendline spotted by Faibik. Hence, successfully breaking above this confluence of resistances could represent a strong indication that SHIB bulls are in control and could push the price higher, as predicted by Faibik.
Despite gaining over 95% in January this year, SHIB is currently at a narrow profit margin, following a bear trend that reclaimed all of the meme coin’s gains and even pushed the price into the negative region for the year.
The current SHIB rally has been more of a recovery, as the price has returned slightly above its opening price for the year. By fulfilling Faibik’s prediction of a 2X gain, SHIB would join the potential gainers in 2023, as crypto users anticipate an altcoin pump in the wake of the upcoming Bitcoin halving.
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