SHIB Breaks Key Trendline and Could Rally 2X by Mid-December

• Captain Faibik has observed a crucial signal on SHIB, Shiba Inu’s native coin.
• SHIB has broken above a significant trendline in a bullish trajectory.
• The meme coin could rally 2X by mid-December if a current trendline retest succeeds.

Captain Faibik, a famous Bitcoin and crypto analyst on X, has observed a crucial signal on SHIB, the native coin of the Shiba Inu ecosystem. In a recent post, Faibik used the SHIB/USDT 3-day chart to show that SHIB has broken above a significant trendline in a bullish trajectory.

At the time of Faibik’s post, SHIB’s price on the 3-day chart was retesting the upper side of the trendline. According to the analyst, if the retest succeeds and the price stays above the trendline, SHIB could rally to earn a 2X profit by the middle of December.

SHIB’s latest rally started on October 19, following a bounce off a local low established at $0.00000662, according to data from TradingView.

In a steady rise, SHIB has overcome two significant resistance levels, the first around $0.00000756 and the second at $0.00000837, with the second one coinciding with the trendline spotted by Faibik. Hence, successfully breaking above this confluence of resistances could represent a strong indication that SHIB bulls are in control and could push the price higher, as predicted by Faibik.

Despite gaining over 95% in January this year, SHIB is currently at a narrow profit margin, following a bear trend that reclaimed all of the meme coin’s gains and even pushed the price into the negative region for the year. 

The current SHIB rally has been more of a recovery, as the price has returned slightly above its opening price for the year. By fulfilling Faibik’s prediction of a 2X gain, SHIB would join the potential gainers in 2023, as crypto users anticipate an altcoin pump in the wake of the upcoming Bitcoin halving.