Popular cryptocurrency market analyst Captain Faibik has recently shed more light on his predictions toward the price of Shiba Inu (SHIB) and revealed where the cryptocurrency ought to be by mid-December.
Crypto Analyst Optimism On Shiba Inu
The crypto analyst took to his official X (formerly Twitter) handle to share his projections on the price movement of Shiba Inu. According to the analyst’s post and token chart, SHIB has crossed a trendline near the $0.00000839 price level.
Due to this data, the analyst believes the crypto asset is going through a significant retest. Captain further highlighted that if the retest is prosperous, the token might experience a bullish rally of up to 2X by mid-December.
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.
Additionally, the analyst highlighted that the 2X price surge could take the token as high as $0.00001678. Nonetheless, a careful look at the chart on the X post reveals just how difficult it will be for this retest to succeed.
So far, Shiba Inu’s price has exceeded the $0.000016 threshold just once since May 2022. This was during a brief spike that occurred in August 2022.
Also, the crypto asset price growth has not been as impressive as other altcoins. Shiba Inu’s year-to-date (YTD) price growth is up 4.97%.
However, SHIB is currently trading at $0.0000086, up by 22% over the last 24 hours, which suggests a more optimistic outlook. Its market capitalization is approximately $5.2 billion, with a trading volume of $162 million over the past 24 hours.
The crypto market analyst’s predictions were fueled by Shiba Inu’s grit, which has enabled it to regain its brilliance in the face of numerous obstacles. His predictions seem to have sparked increased confidence in the Shiba Inu community.
Algorithm Prediction Of The Crypto’s Price By December
Captain Faibik’s shared one of the other predictions for Shiba Inu’s price by December. Recently, price algorithm prediction from crypto analytics firm CoinCodex has also predicted a bullish outlook for the token by December.
According to the forecast, Shiba Inu’s price will hit $0.0000095 by December 11, indicating a 10% increase from its price as of the time of prediction. Its prediction becomes more likely to come true, given the possibility of additional whales and regular investors joining the token market.
The projections also highlighted about 4 technical analysis indicators that suggest bearish conditions, while about 24 indicate optimistic signs. Additionally, the token’s current RSI value of 63.05 is neither overbought nor oversold, according to the prediction.
Featured image from iShock, chart by Tradingview.com
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