Shiba Inu (SHIB) on Verge of 23% Breakout as Golden Cross Develops

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As a seasoned researcher with a penchant for cryptocurrencies and a knack for spotting trends, I find myself intrigued by the potential price breakout of Shiba Inu (SHIB). The recent performance of this meme-inspired token has been nothing short of impressive, and its current retracement appears to be a healthy correction after such a robust rally.

The cryptocurrency Shiba Inu (SHIB), known for its popularity and meme-inspired origins, could potentially surge significantly based on several significant chart patterns. Following an impressive 71.5% increase since the beginning of this month, peaking at $0.00003, the SHIB price then dipped by 20%, appearing to have found a temporary bottom around $0.000024. This dip might be seen as normal, given the strong performance of the meme token during the first fortnight of November.

At this juncture, we find ourselves pondering: What direction might the Shiba Inu (SHIB) price take next? One possibility appears to be a reoccurring surge towards $0.00003, which translates to approximately a 23% rise in its value within the upcoming week. This potential scenario is suggested by certain indicators, such as the SHIB price dipping below the 0.618 Fibonacci level once more, suggesting that the bullish trend in this asset remains strong even during corrections.

Moreover, a significant event known as a “golden cross” is forming on the daily chart of the Shiba Inu token. This occurrence typically happens once a year. As U.Today has often reported, when this golden cross happened with SHIB in the past, it led to a surge of about 450% in the token’s price from December 2023 to March 2024, peaking at $0.0000457.

The main vision for SHIB, however, remains to reach its all-time high equal to $0.00009 right now. To get the Shiba Inu token there, the price will have to go 264% up from its current levels, which means reaching the nearly $40 billion market capitalization mark again as it once did in 2021.

In the present economic climate, it’s a significant query if this can occur; however, the Shiba Inu token is currently demonstrating remarkable growth potential, increasing by up to several tens of percent each week.

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2024-11-17 18:03