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Shiba Inu, the meme-inspired cryptocurrency, appears poised for a significant price increase as a golden cross forms on its daily chart. This bullish indicator suggests SHIB could surge by 23%, following a healthy correction after its recent 71.5% rally.
Bullish Patterns Suggest a Potential Breakout for SHIB
Several significant patterns on the chart indicate that the price of Shiba Inu (SHIB), a popular cryptocurrency inspired by memes, may be about to have a big breakout.
Following a 71.5% increase from the start of the month to a top of $0.00003, the SHIB price retraced 20% and appears to have discovered a local bottom at $0.000024. Given the meme token's performance in the first two weeks of November, such a correction can be seen as beneficial.
At this juncture, the question becomes: what direction may the SHIB price take? The token's value might surge by 23% in the next week if one of the choices is to repeatedly raise prices to $0.00003.
Fibonacci Zone Confirms Positive Momentum
One piece of evidence for this change is the fact that the SHIB price has been bought back below the 0.618 Fibonacci zone, confirming the asset's positive momentum during dips like these.
The Shiba Inu coin is also experiencing a "once in a year" occurrence—the development of a golden cross—on its daily chart, U.Today points out. The last daily golden cross in SHIB caused the token price to surge 450% from December 2023 to March 2024, reaching a peak of $0.0000457, as previously reported by U.Today.
Reaching All-Time High Remains the Target
At this time, reaching the all-time high of $0.00009 is still the primary goal for SHIB. In order for the Shiba Inu token to reach that point, its price would need to surge 264% from where it is now. This would imply that the market capitalization will need to return to its 2021 level of roughly $40 billion.
The current economic climate makes it hard to say, but the Shiba Inu token can already boast weekly growth rates in the tens of percent range.
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