Shiba Inu Price Prediction: November saw heightened volatility across the cryptocurrency market, leading to a sideways movement for most major cryptocurrencies. However, the Shiba Inu (SHIB) experienced a more pronounced downturn, plunging from $0.00000932 to $0.0000063, marking a 27% decrease. Despite this sharp correction, analysis of the daily timeframe chart suggests that this is part of a bullish continuation pattern, indicating that the overall upward trend for Shiba Inu remains intact.
Also Read: Shiba Inu (SHIB) Price Forecast With AI Insights For December 1
Is SHIB Price Ready for $0.00001?
- A bullish breakout from the flag pattern sets the SHIB price for 38% growth.
- The rising SHIB price could face significant resistance at $0.0000096 or $0.000011
- The intraday trading volume of the Shiba Inu coin is $147.5 Million, showing a 45% gain.
Shiba Inu Price Prediction | TradingView Chart
The Bitcoin price recent surge past the $38,000 barrier has infused the crypto market with renewed optimism. In this positive climate, the SHIB price exhibited a bullish breakout from its flag pattern resistance on December 2nd.
This movement signals that the recent correction has helped rejuvenate the bullish momentum, setting the stage for further recovery. Currently, the Shiba Inu price is trading at $0.0000108, with a minor intraday loss of 1.3%. It seems poised to retest the breached trendline.
Should the SHIB price maintain stability above this level, a 15% rally to $0.0000096 could be on the horizon, potentially extending toward $0.0000115.
Conversely, if the price falls back into the flag pattern during the retest phase, it would invalidate the bullish projection.
Massive Surge in Shibarium’s Daily Transaction
Shibarium, a Layer 2 (L2) blockchain solution within the Shiba Inu ecosystem, has recently seen a dramatic surge in daily transactions. This increase began on November 30th and saw daily transactions skyrocket from 748,230 to an astonishing 7.41 million by December 2nd, marking an almost 890% rise. This surge is credited to increased user activity, rising gas prices, and an uptick in token-burning activity. As a result, Shibarium has now achieved over 1.90 million total blocks, with transactions exceeding 22.5 million and wallet addresses surpassing 1.28 million.
- Relative Strength Index: The daily RSI slope sustaining above 50% reflects the positive sentiment of the market is intact.
- Exponential Moving Average: the SHIB price rise above the 200-day EMA, offers an extra edge to market buyers.
