There is a high probability that Shiba Inu (SHIB) may attain a new all time high this year. This is because, for the greater part of 2024, it has been bullish. To illustrate, SHIB gained by 119.8% during the past year. Although at the beginning of the year it was priced at —- it is currently trading at $0.000017 SHIB/USDT on Gate.io. However, its price should rise by about 352% to surpass its all-time high of $0.000088, attained on 28 October 2021. More significantly, on the daily chart SHIB is showing bullishness.
SHIB Daily Price Chart – Coinmarketcap
As the graph indicates, SHIB is in a strong uptrend. However, the presence of only large bullish candlesticks shows that its upward trend may end soon. This is because there is no balance in the market. While the short-term trend is showing a bullish momentum, the long-term one is indicating a bearish outlook. We can denote that on the Ichimoku cloud indicator.
As you can see on the diagram, the Ichimoku indicator is showing a strong bearish pressure. This is because its future cloud is orange, and its upper boundary is flat. In addition, its price is slightly above the 50-day EMA and 100 EMA. Nonetheless, it is within a very narrow range, showing a high probability of a breakdown. The RSI is also confirming a bearish outlook as it is falling below the 50 line. In fact, it has a reading of 50.82. Similarly, the ADX has a reading of 20, another strong bearish indication.
Strong Meme-coin Market Performs May Lead to SHIB’s November Rally
What gives the market hope that the SHIB token may rally strongly is the meme coin market performance. Meme coins are known for their high volatility, which may result in sharp price rises. POPCAT, MEW, WIF, PEPE, BONK, BRETT and FLOKI have also performed remarkably.
If we analyze the meme coin market, some tokens recently rose by large margins even if the crypto market is depressed. For example, during the previous 24 hours, the price of Dogecoin increased by 5.04% and Pepecoin by 4.8%.
Meanwhile, the value of Moo Deng rose by 137.57% in the last seven days, the Goatseus Maximus (GOAT) one by 119.89% and MSTR by 172. 75%.. These examples show that meme coin prices may soar by large margins within short periods. Once the market sentiment is positive they tend to rally.
Market Analysis: Factors that May Push SHIB Price Up
Now, let’s briefly look at the factors that may help to drive the Shiba Inu price up. The coin continues to attract much attention due to the developments taking place on the Shibarium network. As an example, Shiba Inu’s burn mechanism has resulted in a sharp decrease in the SHIB circulating supply. To illustrate, in the 24-hour period that ended on 28 October, more than 9 million SHIB tokens were burned. This represents an increase of 114.5% of the SHIB burn rate. Now, the SHIB token that used to have an initial supply of 999.98 trillion has a circulating supply of around 410.73 trillion. The continual decrease in its circulating supply may lead to tighter demand-supply dynamics. This can drive its value up.
The current SHIB price dip has created a unique buying opportunity. A crypto enthusiast Positive Virus, believes that the investors should capitalize on its recent price fall to acquire more. An increase in the buying activity may trigger a bullish momentum.
Generally, some investors have shown their willingness to acquire SHIB. That positive market sentiment is likely to lead to a rise in its demand.
The current SHIB price movement shows that it may experience a golden cross which may influence many people to buy it. Basically, a golden cross occurs when a faster moving average crosses above a slower moving average. However, it often refers to a situation where the 50-day simple moving average ( SMA) crosses above the 200-day SMA. In the meantime, there is a high chance that the SHIB price may rise or fall. Its nearest strongest resistance levels are $0.00002027 and $0.00002304. On the other hand, its closest critical support levels are $0.00001473 and $0.00001196.
It is important to note that earlier during the month the SHIB price increased to $0.0021.
Nevertheless, due to low demand it fell to $0.000015 before rising to its current value. Despite its recent dips and bounces the market anticipates its price to reach $0.0001. Looking at its current outlook it may reach that target in early 2025. From there it will target $0.001 which it may surpass in 2027. However, its current and future market movements will depend on how the broader crypto market will be faring.
Apart from SHIB many other meme coins are showing their potential in the market. Leading tokens like WIF, BONK, BOME, PEPE and DOGE are expected to perform well during the remainder of the year. However, there are many other meme coins that are likely to shine. These include MOG, GOAT, NEIRO, MSTR, XYZVerse (XYZ) and Moo Deng.
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