As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. The recent surge in Shiba Inu (SHIB) price has caught my attention due to its remarkable performance in such a short span of time.
The price of Shiba Inu has skyrocketed by 64% in just six days, marking the most significant weekly growth since February 2024. This surge coincides with Bitcoin reaching new record highs and the overall crypto market expanding to a staggering $2.915 trillion, nearly matching its peak of $3.006 trillion in 2021. A cryptocurrency analyst predicts that Shiba Inu may encounter one more resistance level before potentially returning to its previous all-time high. The question remains: Will the price of SHIB manage to regain its all-time high before the end of this year?
On November 11th, Shiba Inu (SHIB) is currently trading at $0.00002625, following a 16.1% boost over the last day. Similar to Dogecoin (DOGE), which has been the top performer, SHIB has experienced a 54.9% growth in the past week. With a significant hurdle overcome, SHIB may continue its upward trend this week and potentially see further gains.
Shiba Inu Price Hit a Block: Is the Rally Over?
At present, the Shiba Inu coin’s price finds it challenging to go beyond the crucial barrier at approximately $0.00002750. After witnessing a spike in trading activity that propelled it to this temporary resistance point, traders are cashing out, causing a momentary halt in the upward trend.
Nevertheless, crypto analyst Motion Man holds a different viewpoint, suggesting that recent price fluctuations should not cause concern. Instead, he anticipates Shiba Inu (SHIB) could surge by approximately 70% in the near future, potentially reaching the $0.000046 mark. If it surpasses this resistance level, Motion Man predicts a significant leap towards its all-time high (ATH).
The Shiba Inu price rally is not over because of a few factors:
- Coingecko data shows the 24-hour trading volume is up 255%, signaling a recent spike in market investor interest.
- The SHIB open interest (OI) is up 19.31%, according to data from Coinalyze. This combined with the increasing price suggests traders are entering longs on the meme coin, a bullish signal for the Shiba Inu price.
- Santiment data shows the price-daily active addresses (DAA) divergence is currently at an 8-month high. Combined with the rising price, it indicates strong positive market sentiment and increased network activity. This alignment suggests that the price increase is supported by genuine growth in user engagement, which can be a healthy sign for the SHIB’s long-term rally.
SHIB Price Analysis: All Eyes On $0.000046
Following a peak at approximately $0.00002804, the Shiba Inu coin’s current price encounters significant selling pressure around this point, reiterating an earlier resistance level that has historical significance. Given the factors discussed, the Shiba Inu price prediction indicates a continued upward trend is probable.
If the price surpasses its current resistance point, it could lead to a significant 70% increase, taking us up to approximately $0.000046. This level aligns with the previous yearly high. Further ahead, there’s a possible resistance at around $0.00006088, which is derived from a 4.236% extension of Fibonacci levels.
After that, bullish SHIB predictions suggest ATH will likely be next.
A possible rephrasing of your statement in a more natural and easy-to-understand manner:
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2024-11-11 09:34