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The price of the popular meme-inspired cryptocurrency Shiba Inu (SHIB) may be on the verge of a major breakout as suggested by a number of important patterns on its chart. After rallying more than 71.5% since the beginning of the month to peak at $0.00003, the SHIB price further retraced 20% downward, where it seems to have found a local bottom around $0.000024. Such a correction can be considered healthy, considering the performance of the meme token in the first two weeks of November.
Denys SerhiichukNow it is a crossroads — where can the SHIB price go next? One of the options seems to be a repeated hike to $0.00003, which could mean a 23% increase in the token's price in the coming week. Such a development is partly hinted at by the fact that the SHIB price was bought back below the 0.618 Fibonacci zone, which confirms the bullish momentum in the asset within such corrections.
In addition, a golden cross is now developing on the daily chart of the Shiba Inu token, which is a "once in a year" event. As U.Today has repeatedly written, the previous daily golden cross in SHIB took the token price by 450% between December 2023 and March 2024, where it found its top at $0.0000457.
Arman ShirinyanThe 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.
Whether this is possible in the current economic environment is a big question, but the Shiba Inu token has already proven its ability to grow by tens of percent per week right now.
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov