Shiba Inu surged 39% in November, trading at $0.00002541 with a $14.97B market cap, ranking 13th in the crypto market.
Analysts predict SHIB could hit $0.00022 (800% rise), but CoinCodex forecasts a narrower range near its current price by December 2024.
Bullish indicators, including RSI at 62.90 and ADX at 25.99, suggest strong buying pressure and potential for further upward movement.
Shiba Inu (SHIB), the well-known meme cryptocurrency, experienced significant volatility throughout November. Despite the alternating cycles of growth and decline, the token demonstrated resilience.
Over the past 30 days, SHIB recorded a 39% increase, reflecting a remarkable recovery in its market value. This surge has drawn renewed attention to the altcoin as investors evaluate its prospects for December 2024 and beyond.
https://twitter.com/ChartingGuy/status/1861591395527454888 Trading Volume and Market Performance
According to CoinMarketCap data, Shiba Inu rose nearly 4% within the last 24 hours, trading at $0.00002541. Its market capitalization currently stands at $14.97 billion, securing its position as the 13th largest cryptocurrency. The 24-hour trading volume reached $1.05 billion, underlining substantial market activity.
Earlier in November, SHIB peaked at $0.000030453, fueled by optimism among investors. Despite this progress, the token remains 71.29% below its 2021 all-time high of $0.00008845, a stark reminder of its earlier challenges.
Analyst Projections Indicate Mixed Outcomes
Moreover, analysts have provided varying forecasts for Shiba Inu's future performance. Charting Guy, a prominent market observer, anticipates a potential rally that could propel SHIB to $0.00022, representing an 800% increase. This prediction aligns with the optimistic sentiment prevailing within the SHIB community.
However, CoinCodex offers a more conservative outlook. By December 2024, SHIB is projected to trade between $0.00002493 and $0.00002567, indicating a minor decline of -1.13%. For short sellers, this range could present a profit opportunity of up to 2.42%.
Indicators Signal Strong Buying Momentum
Notably, technical indicators point toward a bullish trend for Shiba Inu. The Relative Strength Index (RSI) on the weekly chart stands at 62.90, signaling growing buying pressure. As the RSI approaches the overbought threshold of 70, it suggests potential for further upward movement.
Additionally, the Directional Movement Index (DMI) reinforces this momentum. The +DI value of 29.3910 surpasses the -DI value of 10.7426, highlighting strong buying dominance. The Average Directional Index (ADX) at 25.9889 confirms a strengthening trend, reflecting increased bullish activity in recent weeks.
The post Shiba Inu Surges 39% in November: December Outlook for SHIB appeared first on Crypto News Land.
