The Shiba Inu (SHIB) market is closing the year with a significant display of bullish momentum, as buyers appear to be gaining control. Recent technical analysis points towards potential upward movement for the popular meme coin, driven by current trading patterns and key price levels.
Immediate Market Dynamics and Short-Term Outlook
SHIB has experienced a modest yet notable increase of 0.79% over the past day, signaling a growing buyer presence. On the hourly chart, SHIB’s price is currently positioned closer to its resistance level than its support. Should this bullish pressure persist, traders could anticipate a test of the $0.00000750 mark in the very near future.
Longer-Term Trajectory and Critical Levels
Looking at a broader timeframe, a pivotal resistance level to monitor is $0.00000729. A successful breakout above this point could inject sufficient energy for an sustained upward climb, potentially pushing SHIB into the $0.00000750-$0.00000770 range. From a midterm perspective, SHIB has established a local support at $0.000007, suggesting that if the price closes above this foundational level, a bounce back towards the $0.00000750 zone remains a strong possibility. At press time, SHIB is trading around $0.00000719, reinforcing the importance of these upcoming price movements.
