What Should Shiba Coin (SHIB) Investors Expect for the Future?

8:29 pm (24 days ago)

November 10, 2023

Meme coins that made profits in the last bull season have handed over this year to new players and stayed calm. The emergence of new alternatives like PEPE and MEME seems to have weakened the community power of Shiba Coin to some extent. So what should Shiba Inu (SHIB) investors expect for the future?

Will Shiba Coin Rise?

The first 10 days of November are almost over and Bitcoin has gone through an impressive period. No one predicted that the rally would continue so strongly after the October performance. Since August 2022, Shiba Coin has fallen below the declining trend line and has not been able to surpass the resistance zone. Of course, there have been tests, for example, a few months ago, after an unsuccessful attempt in August, the price dropped to the bottom of $0.0000066.

Now, BTC price is targeting $38,000 again and has reached the level of $37,500. If BTC can stay strong, the SHIB price can try to surpass the resistance area once again. Closing above $0.000009 with a 50% increase would not be surprising.

Shiba Coin Analysis

The daily chart is more promising, and on October 22, SHIB successfully crossed the trend line. This rise created a bullish divergence in the RSI. Furthermore, the breakthrough of the neutral zone confirms the legitimacy of the breakout. If positive momentum continues, SHIB can reach the next resistance level of $0.0000110 with an increase of approximately 37%.

The removal of a zero from the price is quite significant for Shiba Coin and can attract investors who are tired of the downturns. If the resistance is surpassed, belief in the end of the downtrend will increase. This will also help target new highs above $0.000015.

The bullish prediction can come true if the BTC price does not initiate a sudden drop and the current positive sentiment in the crypto market continues. Additionally, Shiba Coin price needs to surpass the nearest resistance of $0.0000085. If this resistance cannot be overcome and the upward momentum ends before gaining traction, a quick retreat to the $0.0000070 level is possible.

There are no major announcements expected soon for Shiba Coin, which means that parabolic growth will not be easy.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore risk associated with cryptocurrencies and should conduct their own research.

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