Shiba Inu’s price has risen for four days in a row as the coin continues to perform below Dogecoin – the largest meme currency. SHIB traded at $0.000028 Sunday, just a few points off the month-high of $0.000030. The stock has increased by 145% since its lows in August.
Shiba Inu prices could skyrocket soon
The Shiba Inu Coin could have exploded higher over the last few days, according to technical indicators.
The coin hovers at 50% Fibonacci retracement on the daily chart. The coin also formed a cup-and-handle pattern, which is a bullish signal. The cup’s upper edge is $0.000030 and it must be cleared in the next few days.
Shiba Inu Token has formed a cross-shaped pattern when the Exponential Moving Averages 50 and 200 days have crossed. The coin’s price has risen by 56 percent since this pattern was formed on October 31, and it is expected to continue rising.
Shiba inu last formed a cross-golden was October of last year. It then shot up to a year-to date high of $0.00045.
In the meantime, oscillators such as the Relative Strength Index and MACD have been rising. The MACD line is above zero, and the RSI indicator is approaching the 70 overbought level.
We can see from the depth of the cup that it was 185%. If we then add $0.000030 to the top of the cup, it is reasonable to assume that this coin would rise to $0.000085.
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If the coin falls below $0.000020, the bullish argument will no longer be valid. If the coin drops below this level, the odds of it falling as low as $0.000010 will increase.
Shiba Inu analysts believe the price of the Shiba Inu will rise in the short term. Ali, an analyst who posted on X, observed in a recent post that SHIB’s price was similar to that of Dogecoin which had gone parabolic over the last few months.
#Dogecoin #DOGE looks like #ShibaInu #SHIB! If this is true, then $0.00049 will be next!
Shiba Inus as potential catalysers
Shiba Inu’s price could be affected by several factors. It could first benefit from the current crypto bull market that has brought Bitcoin to close to $100,000. BTC took 16 years to reach $100,000 and analysts predict that the time it takes to reach $200,000. Shiba Inu and other meme coins do very well during periods when Bitcoin prices are high.
The second thing is that the Shiba Inu’s burn rate remains high, even though it has dropped 98% over the past 24 hours. In the last few years alone, over 410 trillion Shiba Inu coin have been burned. This trend will continue into the future.
Token burns are a way to create cryptocurrency value by moving existing coins into a wallet that does not require a key. It is a way to deflate the currency by reducing its amount.
Shiba Inu tokens can be burned in several ways. Some of the BONE charges made by Shibarium, for example, are converted into SHIBs and then burned. Shibarium processed over 550 millions transactions, while the number of address rose to nearly 1.9 million.
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ShibaSwap’s DEX network, which has assets worth over $25,000,000, is also responsible for the other Shiba-Inu burns.
The coin is expected to benefit on a macro-level from ongoing Federal Reserve rate reductions and potential regulatory friendly policies in the new Donald Trump administration. Analysts even predict that a Shiba Inu exchange-traded fund (ETF) could exist in 2025.
The post Shiba Inu Price Prediction: Here’s Why SHIB Is About to Fly may be updated as new information unfolds
