Will Shiba Inu Price Rally to Reach $0.0001 In November?
Highlights
- Shiba Inu price pulled back as the recent crypto rally took a breather.
- One analyst believes that it is a matter of time before SHIB surges to $0.0001.
- To do that, SHIB needs to first surge and flip its current ATH into a support level.
Shiba Inu price (SHIB), a popular meme-based token, recently experienced a strong rally but has since slowed down. SHIB saw a slight market correction as traders profited from the recent surge. Currently, the latest SHIB price hovered at $0.0000245, marking a 20% decline from its weekly high. Despite entering a bear market, one analyst remains optimistic about SHIB’s future prospects. They predict the token could soon recover and reach $0.0001.
Crypto Analyst Sees Shiba Inu Price Reaching ATH
Shiba Inu coin has done well in the ongoing crypto bull run as it jumped by 137% from its August lows. This recovery coincided with the rally of Bitcoin and other meme coins like Dogecoin and Floki.
The main catalysts for the rally are the ongoing Federal Reserve rate cuts and the recent Donald Trump win, which could introduce friendlier regulations.
With Bitcoin trading at a record high, one analyst believes that Shiba Inu’s surge to an all-time high cannot be ruled out. In an X post, Solberg Invest noted that SHIB price is repeating history and that it could soon go parabolic.
He identified the initial surge in May 2021 followed by a consolidation period, before rebounding in November. The coin then dropped and remained in a deep consolidation until March this year when it surged to $0.000045. He hopes that the next parabolic move will shoot it to a record high.
To move to its all-time high of $0.0000885, Shiba Inu needs to jump by 270% from the current level, which is possible in this bull run. This forecast will be confirmed if it rises above the year-to-date high of $0.0000455.
A break above the year-to-date high of would open the possibility of SHIB price jumping to $0.0001, which is a 316% increase from the current level. Such parabolic is possible in the crypto industry. For example, Peanut the Squirrel (PNUT) price has soared by 210% in the last 24 hours.
SHIB MVRV Explains The Ongoing Pullback
SHIB token’s pullback happened for three main reasons. First, technically, as shown below, it formed a shooting star candlestick pattern, which is a popular reversal sign. This candlestick is characterized by a small body, two long shadows, and it must happen during an uptrend.
Second, SHIB dropped as the MVRV metric moved above 3, signaling that it was getting fairly overbought, as we wrote in this Shiba Inu price prediction.
Finally, it was because of the broader crypto sell-off as the recent rally took a breather. For example, after roaring to $90,000, Bitcoin pulled back and moved to $87,000. Therefore, there are odds that SHIB and other altcoins will rebound if Bitcoin wakes up and targets the $100,000 as analysts expect.
Frequently Asked Questions (FAQs)
1. Can Shiba Inu price surge to $0.0001 as an analyst forecasts?
2. How high can SHIB token go this year?
3. Where will the bullish view be invalidated?
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