Shiba Inu (SHIB) has recently captured significant attention within the cryptocurrency market, displaying notable upward movement. Following a nearly 10% surge in the last 24 hours, analysts are closely scrutinizing its price action across various timeframes to forecast its immediate and mid-term trajectory, offering insights into potential future gains.
Short-Term Gains and Immediate Hurdles
Currently trading around $0.00000779, SHIB has experienced a robust 24-hour performance. While an initial false breakout was observed at the local resistance of $0.00000779, the focus is now on whether buyers can sustain this momentum. If the daily candle successfully closes near or above this critical level, it could set the stage for an imminent retest of the $0.0000080 zone. Traders are also keenly observing the $0.00000766 level; a strong close above it, particularly with a short wick, would signal sufficient upward energy for a continued push toward the $0.0000080 mark.
Mid-Term Outlook: A January Rally?
From a broader perspective, SHIB has demonstrated resilience by successfully bouncing off a key support level at $0.00000678. This rebound is a pivotal indicator for its potential performance over the coming weeks. Should the weekly trading bar conclude significantly above this established support, it reinforces the likelihood of a substantial climb. Projections suggest that SHIB could target the $0.0000080-$0.0000090 range by mid-January, hinting at a potentially bullish start to the new year for the popular meme cryptocurrency.
