As a seasoned researcher with years of experience in the cryptocurrency market, I must admit that the recent surge in Shiba Inu (SHIB) price has piqued my interest. The potential for a significant rally, as suggested by some analysts, is indeed intriguing, especially given its close correlation with Dogecoin’s performance.
On Saturday, the cost of Shiba Inu coins increased further, as experts predicted significant fluctuations in the near future. Some even speculated that its value could potentially double, similar to Dogecoin‘s trend.
Analyst Expects Shiba Inu Price To Break Out
On November 23, SHIB’s price stood at approximately 0.00002735 dollars, marking a 152% increase from its lowest point in August this year. This surge has propelled its market capitalization beyond $16 billion, positioning it as the second-largest meme coin following Dogecoin.
As a researcher delving into the cryptocurrency market, I find myself intrigued by the potential surge in the value of Shiba Inu. This is based on my observation that Shiba Inu seems to be following the trajectory of Dogecoin, a trend that has been particularly evident lately. Notably, Dogecoin has experienced an impressive leap, soaring by nearly 500% from its August lows. Given this performance, it’s plausible to anticipate a robust rally in Shiba Inu prices in the forthcoming days.
If Shiba Inu coin mirrors Dogecoin’s success, it could potentially reach approximately 85% higher than its current value, amounting to around $0.000049.
Other experts are hopeful that Shiba Inu may regain strength in the upcoming period. On a recent post by Fortune, an analyst with a large following of over 35,000, highlighted a falling wedge pattern that the coin has developed on its daily chart, suggesting it could soon experience a bullish breakthrough.
Simultaneously, Perpetual Trading observed that the price of Shiba Inu was “gathering strength for a potential surge,” indicating further increases in the short term.
SHIB Price Has Supportive Technicals
The day-by-day data suggests further increases, as the digital currency exhibited a ‘golden cross’ formation back in late October. This pattern occurred when the 50-day and 200-day moving averages intersected, and since then, the coin has consistently stayed above both of these lines.
The Shiba Inu cryptocurrency has developed a cup and handle chart configuration, which is often interpreted as a bullish sign for ongoing growth. This pattern is identified by a shallow dip followed by a gradual rise, with the dip occurring around $0.000030. The decline that occurred between November 12 and 16 represents the ‘handle’ section of this pattern.
Based on the 168% difference between the lower and upper sides of the C&H pattern, it’s possible to predict that SHIB might reach approximately $0.00007236. A more cautious goal would be a 100% increase from its current value.
Boosting confidence in the bullish surge is the coin’s break above the 50% Fibonacci Retracement point at $0.000026. Moreover, the MVRV (Market Value to Relative Value) indicator is trending upward.
If Shiba Inu (SHIB) coin’s price falls below the lower boundary of its Candlestick and Handle (C&H) pattern’s handle, which is around $0.2280, then the optimistic prediction for its price increase may no longer hold true.
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2024-11-23 14:24