Shiba Inu (SHIB) Price Prediction, Technical Analysis Shows Bullish Signal?
2024-12-04
Bittime - Shiba Inu (SHIB) price continued to attract attention in the past week, with a gain of 21%. Since November, SHIB price growth has reached 73%.
This momentum coincides with a bullish movement in the crypto market. Read this article to find out the Shiba Inu (SHIB) price prediction.
Shiba Inu Price Prediction: Show Bullish Pattern
Source: x.com/army_shiba
Currently, SHIB is facing an important resistance level around $0.00003050. Bullish chart pattern “cup and handle” visible on the price chart indicates a great opportunity for an increase.
According to analyst Shib Knight, if SHIB manages to break through this resistance, the price of Shiba Inu could surge to $0.000045, a potential increase of up to 83%.
Moves like this often occur after a period of steady price consolidation. Apart from patterns cup and handle, the emergence of the pattern "Golden Cross” or The confluence of the 50-day and 200-day EMA lines, also adds to the bullish signal for SHIB.
Shiba Inu Price Prediction: SHIB Popularity
Source: x.com/santimentfeed
SApart from the Shiba Inu price which has increased, mThe increasing interest in Shiba Inu is also proven by the addition of more than 7,500 new wallets in one week.
Data from Santiment shows significant growth in user metrics, with an increase of 62.54% for new addresses and 57.88% for active addresses.
Shiba Inu Price Prediction: Token Burning
Recently, an anonymous crypto whale burned more than 2 billion SHIB tokens, which increased the Shiba Inu burn rate by more than 3,160%.
This supply reduction is expected to support the Shiba Inu price rally, especially if the token manages to break through the $0.00003 level after the previous correction from $0.00003316 in early December.
Shiba Inu Price Prediction: Potential Surge of Up to 179%
Based on the latest technical analysis, SHIB managed to reach the price level of $0.00003061 with a daily growth of 13% and an increase of 109% in the last three months.
Analyst Javon Marks projects a price target of $0.000081, which suggests upside potential of up to 179% from current levels.
With bullish signals from technical analysis and strong fundamental support, Shiba Inu price seems poised to continue rising.
The key to its success lies in SHIB's ability to break the $0.00003050 resistance. If successful, a trip to an 83% or even 179% gain looks increasingly possible.
Read Also: W-Coin Announces $WCOIN Token Allocation, Listing Immediately!
Shiba Inu FAQ
What is Shiba Inu?
Shiba Inu is a crypto asset that was originally known as a meme coin with the iconic Shiba Inu dog mascot, but has now grown into a project with a broad ecosystem, including DeFi, token burning, and a Layer 2 solution called Shibarium.
How Does Shiba Inu Token Burn Work?
Shiba Inu token burn is carried out by permanently removing a portion of the supply of SHIB tokens to reduce the number in circulation, so that the token becomes scarce and is expected to increase the value of the token.
What's that Shibarium and the Benefits for Shiba Inu?
Shibarium is a Layer 2 Shiba Inu solution designed to increase transaction speed, reduce gas fees, and support blockchain-based application development.
How to Buy Crypto with Bittime
Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.
Reference
Mustafa Mulla, Shiba Inu Price Set to 2x Soon: Key Levels, Patterns to Watch, accessed December 4, 2024.
Maisie Morrison, Shiba Inu (SHIB) Price: Shiba Inu Token Shows Technical Strength, accessed December 4, 2024.
Author: IPR
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
