The price of the meme-inspired cryptocurrency Shiba Inu (SHIB) might soon experience a significant breakout based on several important chart patterns.
Current State of Shiba Inu
Since the beginning of the month, SHIB's price has increased by more than 71.5%, reaching a peak of $0.00003. Afterward, the token retraced 20%, finding a local bottom around $0.000024. This correction is considered healthy, given the previous rally of the meme token during the first two weeks of November.
Potential Future for SHIB
SHIB is at a crossroads: where might its price head next? One potential path is a repeated hike to $0.00003, which could mean a 23% price increase in the coming week. This development is partly suggested by a buyback below the 0.618 Fibonacci zone, confirming the bullish momentum in the asset within such corrections.
Market Prospects Analysis
The formation of a golden cross on SHIB's daily chart is a noteworthy event. As previously reported, the prior golden cross in SHIB led to a 450% price increase from December 2023 to March 2024. The main vision for SHIB is to reach its all-time high of $0.00009. To achieve this, the price must rise by 264%, which implies a return to a market capitalization of approximately $40 billion, as it was in 2021.
Whether this is achievable in the current economic environment remains to be seen, but the Shiba Inu token has already demonstrated its ability to grow by tens of percent per week.
