Shiba Inu (SHIB) Price Eyes 60% Surge in One Week Following This Breakout

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As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I can confidently say that the recent price activity of Shiba Inu (SHIB) has piqued my interest. After years of watching this meme coin bounce around like a hyperactive puppy, I’ve learned to appreciate its unpredictable nature and its knack for surprising even the most hardened investors.

The world’s second-largest meme coin, SHIB, is poised for a significant surge based on its recent price movements, according to analyst forecasts predicting potential gains of up to 60%. Despite the overall market downturn, which has caused SHIB’s price to dip 1.10% at this moment, on-chain data and technical analysis indicate a potential reversal in trend.

Crypto expert Ali Martinez has pointed out a possible bullish trend for Shiba Inu. He explains that the digital currency has shaped a bull flag pattern. If SHIB manages to surpass the significant resistance point at $0.000025, Martinez proposes that the token may aim for a target of $0.000037. This means SHIB investors are anticipating a 60% increase immediately, which could occur within the next week.

Courtesy: Ali Charts

According to Martinez’s report, approximately 1.67 trillion SHIB tokens were taken out of trading platforms within the last day. This suggests that long-term investors are confident in retaining their Shiba Inu assets. Interestingly, when a similar increase happened previously, Shiba Inu experienced a price jump of 62%. Given this history, some analysts believe this recent trend might be indicative of an upcoming price increase, as suggested by Martinez.

Courtesy: Ali Charts

In contrast, while Shiba (SHIB) exhibits a 36% increase in monthly price, it lags significantly behind its counterparts such as Dogecoin (DOGE), Pepe Coin (PEPE), and Bonk Inu (BONK). For instance, DOGE has surged over 100%, with a market cap of $56.89 billion and a 24-hour trading volume of $10.70 billion. Similarly, PEPE and BONK have shown impressive gains as well, with respective market caps of $8.90 billion and $3.97 billion, and 24-hour trading volumes of $6.05 billion and $2.35 billion. Despite Shiba maintaining its position as the world’s second-largest stablecoin, the disparity between its performance and that of its peers has noticeably widened in recent times.

Shiba Inu Price Eyes for A Golden-Cross

Right now, Shiba Inu is being sold at approximately 0.00002545 USD, which represents a drop of 15% from its highest point on November 12th. Despite this decrease, experts like $SHIB KNIGHT and $SHIB MORTAL are optimistic about the digital currency’s potential, as they believe that its charts indicate a robust and encouraging outlook for a breakthrough.

Remarkably, Dogecoin byname SHIB has just experienced a Golden Cross on its daily chart. In simpler terms, the 50-day moving average (MA) has climbed above the 200-day MA. This is considered a positive sign, as it often indicates an upward price trend, especially when considering that the previous cross in July was a Death Cross, which was followed by a significant drop in price.

Courtesy: TradingView

According to financial experts like Ibrahim Ajibade, if Shiba Inu manages to maintain its position above the support price of $0.0000023, it might continue its climb in value. If the token breaks through the upper boundary of the Donchian Channel at approximately $0.00003045, this could potentially lead to a more positive outlook for SHIB, indicating a potential increase in price.

It appears that Shiba Inu is poised to match Dogecoin’s growth, supported by robust on-chain and technical signals.

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2024-11-21 16:39