In the midst of the ongoing cryptocurrency rally, the Shiba Inu (SHIB) has achieved notable success. The meme coin is currently the 11th largest cryptocurrency by market capitalization, although it often ranks in the top 10 due to price action.
At the time of publication, one SHIB was worth 0.00002413 USD. From November 4 to November 11, the token, often erroneously referred to as the “Shiba Inu Coin,” surged 60%, reaching prices as high as $0.00002921 before experiencing a pullback. The monthly return is currently 32.10% and the year-to-date (YTD) gain is an impressive 133.54%.
SHIB is one of the most hyped and famous meme coins, but since its creation it has moved away from its joke origins. Its ecosystem currently features decentralized finance (DeFi) applications, a stablecoin in development, a layer 2 scaling solution in Shibairum, an ongoing high burn rate, and numerous partnerships that provide real utility.
With Bitcoin (BTC) hitting new all-time highs (ATHs) and President-elect Trump taking a crypto-friendly approach while institutional adoption soars, the Shiba Inu is among the best-positioned altcoins that could benefit from a renewed bull run. market.
Apart from these fundamental catalysts, technical analysis also looks very promising – as the bullish chart suggests it could lead to a breakout.
Upon breakout, SHIB price could reach $0.000037.
Since November 11, SHIB has entered a bull flag pattern, as noted by renowned crypto analyst Ali Martinez in an X post on November 21. Bull flags occur after an initial price rise that resembles a flagpole, followed by a period of downward consolidation, or flag.
The model indicates a continuation of the bullish trend: as soon as prices overcome the resistance level visible in the “flag”, the uptrend continues. Trades typically take the length of the flagpole and add it to the breakout point to arrive at a target price – Martinez did just that to achieve a take profit target of $0.000037.
To reach this mark, the cryptocurrency must rise by 48% from current prices. While the goal is ambitious, readers should remember that the 60% increase occurred just two weeks ago.
Additionally, the technical and network analyst noted that SHIB 1.67 trillion was withdrawn in 24 hours in X’s earlier post on November 20, adding that the last time this happened, the token surged by 62%.
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