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Shiba Inu (SHIB) Price Prediction For December 25
The crypto market is witnessing a significant shift in sentiment today, with major assets like Bitcoin and Ethereum showcasing notable upside momentum. Amidst this backdrop, we’re going to take a closer look at Shiba Inu’s (SHIB) price prediction for December 25.
As the second-largest meme coin by market capitalization, SHIB has been experiencing consolidation over the past five trading days. However, today’s price action suggests that the bears are losing their grip on the asset, paving the way for a potential upside move.
From an on-chain perspective, several factors have triggered our bullish prediction. First and foremost, we’ve observed significant outflow data from exchanges, indicating that long-term holders are withdrawing SHIB from exchanges, which usually is a positive sign for price momentum. The report from Coinglass suggests that this withdrawal has reached $10 million over the past three days.
Furthermore, we’re witnessing an increase in open interest (OI) by 13% within the last 24 hours. This surge in OI indicates that intraday traders are now participating in SHIB’s rally, further solidifying the asset’s bullish sentiment.
Now, let’s turn our attention to the technical aspects of this prediction. Upon analyzing the daily chart, it becomes clear that SHIB has broken out from its recent consolidation and formed a bullish morning star candlestick pattern at the 200 Exponential Moving Average (EMA) support. This pattern is often seen as a precursor to an upward move.
If this trend remains intact, we can expect SHIB’s price to surge by approximately 20% in the near future, potentially reaching the next resistance level of $0.000028.
At press time, SHIB is trading at $0.000023 and has experienced a significant price increase of over 6.5% within the last 24 hours, accompanied by an uptick in trading volume by 5%. These developments further bolster our bullish thesis for the asset’s future price performance.
All things considered, we believe it would be prudent to take a long position on SHIB and ride the current momentum.
Source: coinpedia.org
