Based on its recent price activity, the well-known memecoin Shiba Inu (SHIB) may see considerable upside in the future. Captain Faibik, a cryptocurrency expert, believes that if crucial support holds, SHIB is ready for a rise up to double its present value.
A 3-day chart of SHIB that Faibik published in a recent tweet demonstrates that the token has broken out above a significant downtrend line that has been in place since 2022.
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Following its peak in October 2021, SHIB has been steadily declining and making a number of sideways movements.
Can SHIB Double? Mid-December Projection Relies on Key Support,Can SHIB Double? Mid-December Projection Relies on Key Support
After breaking above this long-term resistance level at $0.000008, SHIB now seems to be changing its trend. According to Faibik, there is presently a “retest” of the support area surrounding this previous downtrend line.
For SHIB to validate the breakout, it must maintain its position above the trendline. If that happens, according to Faibik, SHIB may then perform a huge rally that would raise its price by at least 100%. SHIB will return to its peak of about $0.000016 this year as a result of this.
Given the recent weakness of the cryptocurrency market, a SHIBdecoupling would be notable. However, the memecoin has already established its own stories and drawn attention from investors.
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Up until mid-December, SHIB may rank among the top cryptocurrencies if the retest is successful. The chart shows promise, but maintaining major support is still the critical test that needs to be passed.
Can SHIB Double? Mid-December Projection Relies on Key Support,Can SHIB Double? Mid-December Projection Relies on Key Support,Can SHIB Double? Mid-December Projection Relies on Key Support , SHIB coin Crypto news, SHIB coin News