Their second-largest meme cryptocurrency, Shiba Inu, is in the news now as experts have predicted a more than 50% spike in the price. Various bullish candlestick patterns, among other factors, have made the token an ideal launchpad for growth.
I posted this on X (formerly Twitter) on November 21. Crypto analyst Ali Martinez pointed out that the SHIB/USD has created a bull flag Ittf on the 1-day chart. This is a bullish technical breakout pattern that, if ŠIB breaks above $0.000025, could push it to $0.000037, which is 54% above today’s price.
Another plus is that Javon Marks, the independent analyst, said that Shib has already gotten out of a falling wedge pattern that has lasted for several months, which is always bullish. Such fundamental analysis has led Marks to predict that SHIB could rise to $0.000081 per coin, an astonishing 200%, if market factors come into the picture.
SHIB had reached $0.000026 per token by Friday, November 22, from where it was up 2.2% in the following 24 hours; with that, it had a market capitalization above $14.5 billion. This has now risen by a percentage of ninety-two per cent from its low down in August.
More tokens have been burned lately, which has boosted the bullishness. According to Shibburn, on November 21st, burn activity surged by 2,200%, with 14.58 million tokens burned. This has now taken the total supply that has been burned to above 410.7 trillion, making the overall supply of SHIB around 583.8 trillion.
Shibarium Network Growth
Another factor in why SHIB rallied was Shibarium, the SHIB layer-2 blockchain. The Shibarium network has experienced well-organized network work of more than 541 million transactions in the last few months. More importantly, the transaction fees are obtained in BONE tokens, and some of these are converted to SHIBA INU Tokens and subsequently burned, thereby reducing the total token supply.
Information collected from IntoTheBlock has revealed an unprecedented increase in transactions by whales in the last few weeks. As for Thursday, larger wallets added 393.48 billion tokens of SHIB worth $9.8 million, with the net accumulation rate rising 256% compared with Wednesday. It, therefore, indicates increasing confidence from large investors in the industries.
A move back up to the bullish trend line puts SHIB on an upward trajectory similar to the recent $99K Bitcoin high, which boosted altcoin markets. New altcoin capitalization has increased by 5.3%, contributing to SHIB ‘s increase.
Technical analysis also supports SHIB’s growth. As we speak, there is nothing negative about this token. The token hovers above the 50-day and 200-day EMA, indicating bullish trends for an extended period. The RSI, at 59, still insists that SHIB has the potential to increase before reaching the overbought level.
Moreover, the price of SHIB is well positioned above the middle Bollinger Band, emphasizing more buying pressure, which supports the current bullish trend.
What’s Next for SHIB?
Regarding such signals, analysts propose that Shiba Inu’s price may rise towards the annual high of $0.000036. If it crosses this level, the rally extends to Javon Marks’ $0.000081 possibility.
Though the crypto market fluctuates unavoidably, SHIB seems ready for potentially massive upswings thanks to favourable technicals, network utilization, and overall crypto market triumphs. Investors will be eager to see how the meme coin fares in its next possible phase.
This news is republished from another source. You can check the original article here
