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SHIB Price Prediction for January 5
As we approach the end of the first week of the new year, the market has been characterized by a significant upward momentum, with many altcoins experiencing substantial gains. The Shiba Inu (SHIB) community is abuzz with excitement as well, following its recent surge to $0.000023.
In this context, our team at U.Today conducted an in-depth analysis of SHIB’s price action over the past few days and drew some interesting conclusions. Based on these findings, we are now providing a prediction for January 5.
Recent Performance
Before diving into the forecast, it is essential to take a look at how SHIB has performed so far this year. Over the past three days, the cryptocurrency has made significant strides, rising from $0.0000214 to the current price of $0.000023. This impressive growth has caught many traders and investors off guard, as the asset had previously been trading within a narrow range.
Market Analysis
Now, we will assess the chart in more detail to gain insights into potential future developments. Our analysis suggests that the recent upward momentum is not yet exhausted and might continue at least until January 5. There are several reasons for this conclusion:
1. **Trendline**: As depicted on the chart below, SHIB has been steadily moving upwards since mid-December, which aligns with a trendline that has been active since then. A break above this line could open up new possibilities for further price growth.
2. **Resistance and Support**: We have identified two areas of resistance around $0.0000235 and $0.0000248. If the cryptocurrency manages to cross these levels, we may see an extension of its uptrend.
**Midterm Forecast**
From the midterm perspective, the picture appears more positive. In case the weekly bar closes near the resistance level at $0.00002408, the upward move could continue all the way up to $0.000026 mark.
**Current Price Action**
SHIB is currently trading at $0.00002385.
Source: u.today
