The Shiba Inu price analysis for December 5 shows that sellers (bears) are trying to dominate the bulls, however, the buyers are trying to take over.
Shiba Inu has been enjoying the current bullish momentum and is one of the top gainers for today. The popular memecoin is currently in the #17 position on the list of top trending cryptocurrencies today alongside coins like Terra Classic (LUNC), Solana (SOL), FLOKI, PEPE, and Polygon (MATIC).
Flagship cryptocurrency Bitcoin is in the #2 position on that list and has recorded massive gains, reaching a new yearly high of $43,000. Also, Ethereum (ETH) – the second-largest cryptocurrency by trade volume, continues to trade above the #2,200 mark.
The crypto Fear & Greed Index for today indicates bullish sentiment reflected by its value of 79, 5 points away from yesterday’s 74. However, investors are curious about how long these growths will last. Let’s get right in.
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Shiba Inu (SHIB) price analysis
Over the past 24 hours, the price of Shiba Inu (SHIB) has grown by 5.31% according to data from CoinMarketCap. Looking at the hourly chart, the price of the token continues to indicate bullish, as the price is returning to the local resistance level of $0.00000940.
If the bar closes near this crucial level, then there is a chance that we might witness further growth to $0.00000965.
Source: TradingView
On the daily chart, the $0.00000950 intermediate threshold is crucial to the continuous increase. This week’s explosion to the $0.00001 zone might be possible if purchasers can maintain the initiative.
Source: TradingView
From a mid-term perspective, traders ought to pay attention to the candle close to the preceding bar peak. If it occurs at the current pricing, a further increase is likely.
SHIB price reaction
According to live data from Coinstats, Shiba Inu is currently selling at $0.00000939. What is more, SHIB has risen to the #16 position on the global crypto market chart with a live market cap of $5,531,572,609 ($5.5 billion) and a 24-hour trading volume of $456,822,202 ($456.8 million).
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.