Shiba Inu Price Prediction: Here’s Why $SHIB Recovery May Extend 32%

Shiba Inu Price Prediction: \Within a month, the Shiba Inu price has witnessed a parabolic growth starting from $0.0000066 to a monthly resistance of $0.00000833, registering a 29% gain. This rally backed by rising trading volume indicates strong conviction from buyers as it also regains the loss witnessed in the August-September correction. Is this bullish momentum enough to regain $0.00001?

Also Read: Shiba Inu Burn Rate Rockets 1100% As SHIB Price Plummets

Bullish Pattern Sets SHIB Price Rally to $0.00001

• The inverted head and shoulder may guide this memecoin for prolonged recovery
• A potential breakout from the $0.0000085 barrier would ses the SHIB price for a 32% gain 
• The intraday trading volume of the Shiba Inu coin is $293.5 Million, showing a 51.5% gain.

Source- Tradingview

The ongoing recovery trend in Shiba Inu coin price has taken a halt at $0.0000085 resistance. Despite substantial volume support on November 9, the price couldn’t breach this threshold, suggesting persistent supply pressure.

 This resistance might stem from short-term traders taking profits, causing a sideways movement in the price. However, this consolidation phase could offer buyers a window to regroup and reignite the upward trend. 

A look at the daily time frame chart shows this ongoing sideways trend as the potential formation of an inverted head and shoulder pattern. This bullish pattern is commonly spotted at the market bottom as reflecting an early sign of trend reversal.

If this pattern plays out, the SHIB price could surpass the $0.0000085 neckline, setting the stage for a further rise. With continued buying interest, we could see the coin price escalate by 32%, reaching a peak of $0.00001138.

Is Current Recovery Intact?

Source- Tradingview

Despite the current sideways market sentiment, an analysis of the daily timeframe chart reveals an ascending trendline formation keeps the recovery trend intact. Over the past three weeks, the SHIB price has seen repeated rebounds from this support zone, indicating active buying during market dips. This suggests that as long as this dynamic support holds, the potential for an extended recovery remains high. However, a break below this level could trigger a significant market correction

• Bollinger Band: The downturn in the upper boundary of the Bollinger Band at $0.00000853 adds another layer of resistance.
• Average Directional Index: The ADX indicator at 38% suggests that a minor pullback could be advantageous for buyers, aiding in maintaining the recovery trajectory.