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

On Nov 21, 2024 at 1:34 pm UTC by · 3 mins read

Analyst predicts a major breakout for Shiba Inu, with a potential 60% price increase if the cryptocurrency can break through the $0.000025 resistance level.

The world’s second-largest meme coin Shiba Inu SHIB $0.000012 24h volatility: 1.2% Market cap: $7.22 B Vol. 24h: $319.82 M is eyeing a massive breakout following its recent price activity as analysts predict 60% gains from here. Amid the broader market selloff, SHIB price is down 1.10% at press time, but on-chain metric and technical chart suggests a turnaround ahead.

Crypto analyst Ali Martinez has highlighted a potential bullish pattern for Shiba Inu, noting that the cryptocurrency has formed a bull flag. If SHIB can break through the key resistance level at $0.000025, Martinez suggests that the token could move toward a target of $0.000037. Thus, SHIB investors are eyeing a 60% gain straight-up from here which could be coming within a week’s time.

Courtesy: Ali Charts

Martinez also reported a massive 1.67 trillion SHIB has been withdrawn from exchanges in the past 24 hours. This shows confidence among long-term investors to keep their Shiba Inu holdings intact. The last time a similar spike occurred, Shiba Inu saw a 62% surge in price, leading to speculation that the current trend could signal a potential price rally, noted Martinez.

Courtesy: Ali Charts

While Shiba (SHIB) price shows 36% gains on the monthly chart, it pales in comparison to over 100% gains of its peers like Dogecoin DOGE $0.16 24h volatility: 3.1% Market cap: $24.53 B Vol. 24h: $1.87 B . Pepe Coin PEPE $0.000007 24h volatility: 2.6% Market cap: $3.04 B Vol. 24h: $1.24 B , and Bonk Inu BONK $0.000011 24h volatility: 9.5% Market cap: $860.10 M Vol. 24h: $207.61 M . Although SHIB defends its position as the world’s second-largest stablecoin, its gap has widened with Dogecoin.

Shiba Inu Price Eyes for A Golden-Cross

Shiba Inu is currently trading at $0.00002545, marking a 15% decline from its peak on November 12th. However, analysts such as $SHIB KNIGHT and $SHIB MORTAL suggest that the cryptocurrency’s charts are looking strong and promising for a breakout.

Notably, SHIB recently achieved a Golden Cross on its daily chart, with the 50-day Simple Moving Average (SMA) crossing above the 200-day SMA. This is a bullish indicator, especially given that the last cross was a death cross in July, which preceded a substantial price decline.

Courtesy: TradingView

Analysts are optimistic that if Shiba Inu can hold the support level at $0.0000023, it could continue its upward momentum. Ibrahim Ajibade, an analyst, stated that a breakout above the upper Donchian Channel at $0.00003045 could lead to a more bullish scenario for SHIB.

It seems that Shiba Inu is all ready to catch up with Dogecoin’s gains amid strong on-chain and technical indicators.

Share:

Related Articles

Shiba Inu Burn Rate Skyrockets 104,201%, Will SHIB Price Follow?

By April 2nd, 2025

Shiba Inu has torched more than 115 million SHIB in its sustained deflationary push, a positive shift that is yet to impact the memecoin’s price.

Shiba Inu Price Eyes Breakout as Shibarium Crosses 1 Billion Transaction Milestone

By April 1st, 2025

Shiba Inu price is in the spotlight as showcased by the more than 1 billion transaction milestone registered by Shibarium.

SHIB Burn Rate Jumps 1300%: 175% Gains on the Horizon?

By March 31st, 2025

Shiba Inu (SHIB) burn rate shot up a whopping 1,300% in the past 24 hours with 17 million tokens being removed from supply.

Exit mobile version