On Sunday, December 1, 2024, the price of Shiba Inu broke through the psychological barrier of $0.00003. This was the first time SHIB had reached this level since March of this year. It seemed that Shiba Inu was on its way to a new high in 2024. Unfortunately, it did not work out and a pullback ensued.
In the past 24 hours, the Shiba Inu price has fallen by 5.18%, and if we look at the performance over the last week, SHIB has increased by 9.81%. November also shows a growth of 62.28%. If we look at the past year, SHIB has a growth of 241.78%.
With the holiday season approaching and a possible Santa Claus rally on the horizon, many are wondering if the Shiba Inu will rise to new all-time highs (new highs)?
Why did SHIB receive the correction?
Shiba Inu encountered significant resistance at the $0.00003 level. The correction appears to be due to investors taking profits after the price rally. This is not the first time that the cryptocurrency has seen a decline after reaching an important price level.
The recent drop in Bitcoin (BTC) has also affected the price of Shiba Inu. On November 22, 2024, Bitcoin hit an all-time high of $99,645.39 but failed to stay above $99,000. Since then, the price of Bitcoin has fallen by 4%, which has increased volatility in the entire market. These fluctuations have also had an impact on the price of Shiba Inu.
Will Shiba Inu go to $0.00004?
According to CoinCodex analysts, SHIB may soon surge again. It is predicted that the price may rise by 92.43% to $0.00005759 on December 7.
However, it is uncertain whether these gains will be permanent. Prices on January 1, 2025 are expected to fall back to around current levels. They expect this to happen after investors start taking profits as prices reach new highs.
What is the Santa Claus Rally?
If we look back, we can see that the holidays have had a positive impact on the cryptocurrency market. This is known as a Sana rally and could help the Shiba Inu rise further. If Bitcoin manages to break through the psychological barrier of $100,000, it could lead to a broader market rally and be positive for the Shiba Inu price. In this case, it is possible that the Shiba Inu volume could hit a new yearly high.
What can investors expect?
Despite the recent sharp rise in Shiba Inu prices, we still recommend caution when buying. The market is volatile and there is always a risk of correction, especially at strong resistance levels such as around $0.00003. Despite this, investors remain optimistic. Will Shiba Inu soar to new heights on the Santa Claus rally? The answer depends on the overall market trend, Bitcoin's performance, and the confidence of SHIB investors.
Currently, Shiba Inu remains one of the most watched cryptocurrencies and with the holiday season just around the corner, it’s definitely worth keeping an eye on this meme coin.