Shiba Inu (SHIB) Price Analysis 12/5: How Long Will the Growth Last?

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Shiba Inu (SHIB) Price Analysis 12/5: How Long Will the Growth Last?

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.

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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.

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.

Shiba Inu (SHIB) price analysis

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.

Shiba Inu (SHIB) Price Analysis 12/5: How Long Will the Growth Last?

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 Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.