The price of Shiba Inu (SHIB) has been steadily increasing over the past four days, though it still lags behind Dogecoin, the leading meme coin in the market. Currently trading at $0.000028, SHIB remains just below this month’s high of $0.000030. Since August, the price has surged by 145%, signaling potential for further growth.
Technical Indicators Point to Significant Growth
Technical analysis suggests that SHIB may experience a sharp rise in the coming days. On the daily chart, SHIB is positioned at the 50% Fibonacci retracement level and has formed a "cup and handle" pattern, a bullish signal. To confirm further growth, the price must break the $0.000030 resistance level.
Golden Cross: Another Bullish Indicator
SHIB recently formed a golden cross pattern, where the 50-day and 200-day exponential moving averages (EMAs) crossed. This occurred on October 31, and since then, the price has increased by 56%. The last time SHIB formed a golden cross was in October of the previous year, leading to a yearly high of $0.000045.
Additional bullish signals come from oscillators such as the Relative Strength Index (RSI), which is nearing the overbought level of 70, and the MACD, which remains above the zero line.
Potential Target: $0.000085
If SHIB successfully breaks the $0.000030 level, technical projections indicate a potential price target of $0.000085. This estimate is based on the depth of the "cup and handle" formation, which measured approximately 185%. However, if the price falls below the key support level of $0.000020, SHIB could drop further to $0.000010.
Catalysts for Shiba Inu's Price Growth
1. Impact of Bitcoin's Bull Market
SHIB is benefiting from the broader crypto market rally, with Bitcoin (BTC) nearing the $100,000 mark. Historically, meme coins like SHIB perform well during periods of strong Bitcoin growth. If BTC continues to rise, SHIB is likely to follow suit.
2. SHIB Token Burns
Shiba Inu's token burn process remains strong, although the burn rate dropped by 98% in the last 24 hours. Over 410 trillion SHIB tokens have been burned since its inception, reducing supply and increasing the value of remaining tokens.
Token burning involves permanently removing coins from circulation by sending them to an inaccessible wallet. This deflationary mechanism supports price growth by lowering the total supply.
3. Shibarium Network Activity
Shibarium, Shiba Inu's blockchain network, has processed over 550 million transactions, with the number of addresses rising to 1.9 million. Fees generated on Shibarium are partially converted into SHIB and burned, contributing to long-term price appreciation.
Additional burns come from voluntary community initiatives and ShibaSwap, the decentralized exchange managing assets worth over $25 million.
4. Macro and Regulatory Factors
On a macroeconomic level, SHIB could benefit from the Federal Reserve’s interest rate cuts and the potential for favorable crypto regulations under Donald Trump’s administration. Some analysts have even speculated about the possibility of a Shiba Inu ETF by 2025.
Conclusion
Shiba Inu’s price is well-positioned for further growth, supported by strong technical indicators, token burns, and broader bullish sentiment in the crypto market. If SHIB breaks the key resistance at $0.000030, it could aim for $0.000085. However, investors should monitor the $0.000020 support level, as a break below this point could lead to further price declines.
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