Shiba Inu price prediction for January 2022: all eyes on the support at $0.00003

Let’s find out Shiba Inu price prediction for January 2022 as the meme coin struggles to reclaim the strong bullish trend it had displayed in October 2021.

Shiba Inu had displayed a very strong bullish trend in October making analysts and traders believe that the meme coin was headed for $0.0001 before the end of 2021.

However, towards the end of 2021, things turned for the worst and the Shiba Inu community watched in disarray as the coin dipped daily from an all-time high of $0.00008845 to around $0.00003.

The Bear Trap

Last week, just as the year 2021 was coming to a close, Shiba Inu price gave a strong breakout above the $0.0000371 resistance but could not sustain above the level due to the intense selling pressure that seemed to dominate the entire crypto market.

The price has now fallen back and it now seems to have stabilized around the $0.00003 region and analysts expect it to attempt another breakout again anytime soon.

Though most believe the $0.00003 is a psychological support level, the Exponential Moving Averages (200) suggest that the price is moving upwards.

The Relative Strength Index (14) is also tending towards the oversold region showing the high likelihood of the coin bouncing back.

Shiba Inu RSI analysis

Shiba Inu price prediction for January

If the Shiba Inu breakout from $0.00003 it is expected to first test the $0.00004823 resistance level set on December 2, 2021, before embarking on a full correction.

January marks an important part of 2022 since analysts believe it shall set the pace and direction that the meme coin shall take for the remainder of the year.

Shiba Inu remains to be one of the most popular cryptocurrencies among the social media platforms especially on Twitter where the Shiba Inu community is quite active. The community is currently lobbying to have the meme coin listed on Robinhood; something that could trigger a massive rally if achieved.