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Price analysis

Shiba Inu Price Eyes 38% Rally Amid Bullish Reversal Pattern

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2 months ago

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SHIB, the second-largest meme cryptocurrency by market cap, experienced a 14% surge over the past five days, rising from $0.000013 to $0.00001478. This bullish rally was likely driven by the broader market recovery following the U.S. Federal Reserve’s 0.5% rate cut. The Shiba Inu price shows signs of a potential extended recovery, supported by this double-bottom reversal pattern.

Shiba Inu Price Targets 38% Surge as Bullish Reversal Takes Shape

The cryptocurrency market took a bullish turnaround in September following the Bitcoin price reversal from $52,500 to $63,456— a 20% increase. The renewal recovery sentiment shifted the prevailing correction in Shiba Inu price into a sideways trend above $0.0000123. 

In the last 11 weeks, the SHIB price showcased three failed attempts to breach the bottom support line, indicating the active accumulation zone for buyers. The latest reversal uplifted the altcoin 19.82% to trade at $0.0000147 while the market cap surged to $8.7 billion. 

An analysis of the daily chart shows the formation of a double-bottom reversing pattern, a chart setup often spotted at major market bottoms.

If the pattern holds true, the dog-themed memecoin is poised for a 9.3% surge before the critical breakout from the $0.000016 neckline. The potential breakout will intensify the bullish momentum and drive another 25% surge to target $0.00002.

Shiba Inu Price Shiba Inu Price
SHIB/USDT -1d Chart

According to the Santiment data, the supply of SHIB on exchanges steadily declined to reach 75.3 Trillion coins. This downward trend suggests a withdrawal of tokens from exchanges, which can indicate investors’ accumulation or a decrease in selling pressure.

Shiba Inu priceShiba Inu price
SHIB Supply on exchange | Santiment

On the contrary, the 30-day MVRV (market value-to-realized value) ratio has spiked to 7.66%, indicating that short-term buyers are in profit. Historically, the MVRV ratio value of 8-10% has coincided with Shiba Inu price prediction tops as these speculative traders often exit the market early for profit booking. 

Shiba inUShiba inU
SHIB | MVRV Ratio

Therefore, if the overhead supply persists, the Shiba Inu price could revert to $0.000012 and prolong the consolidation trend.

For a detailed analysis, check out the top meme coins article.

Frequently Asked Questions (FAQs)

If SHIB breaks out from the $0.000016 neckline, it is poised for a 25% surge, potentially reaching $0.00002.

The $0.0000122 level serves as a crucial accumulation zone, where buyers have actively prevented the price from falling further, indicating strong support.

A decline in SHIB supply on exchanges, down to 75.3 trillion coins, suggests increased accumulation by investors and reduced selling pressure

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Pi Network

Pi Network Coin Price Surges As Key Deadline Nears

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2 hours ago

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November 22, 2024

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Pi Network price rose for six consecutive days ahead of a key deadline scheduled for later this month. Can the Pi Coin sustain its momentum and retest its October high of $100?

Pi Network KYC Grace Period Is Ending

The Pi Coin IoU token has staged a strong recovery, rising to $80, which was 175% above its lowest level in September. This rally happened as the soaring cryptocurrency prices raised the expectation that its mainnet launch would happen in December.

Pi Network also surged ahead of the November 30th deadline of ending the grace period of the Know Your Customer (KYC) verification process. The KYC process hopes to verify millions of pioneers who have been mining the coin in the last six years and removing bots.

This verification is an important stage towards the mainnet launch, which is anticipated to take place in December. When it happens, all pioneers will finally be able to swap their tokens for fiat currencies and stablecoins. Pioneers who don’t complete their verification will lose all their mined coins.

The KYC is part of three things that need to happen before the Pi Network mainnet launch happens. The other one is the existence of a vibrant ecosystem, which is expected to give the Pi coin utility. 

Additionally, the developers hinted that the mainnet launch or the move to the open network would happen when market conditions are conducive. This criterion has been met because most cryptocurrencies are in a strong rally and regulations are expected to be friendly under the Trump administration. 

Pi Coin Price Rally Could Continue

Pi Coin is an IoU that is not affiliated with the real project and is only listed in HTX. It is often seen as a proxy for the coin, which explains why its price has jumped in the past few weeks.

On the daily chart, the Pi price jumped to $100 earlier this month after the developers confirmed that the mainnet launch was on the way. It then suffered a harsh reversal and dropped to $45 on November 12. 

The coin has now bounced back and remains above the 50-day and 200-day Exponential Moving Averages. It has also rallied above the ultimate resistance of the Murrey Math Lines. 

Pi Network PricePi Network Price
Pi Network Price

The Average Directional Index (ADX), a popular measure of a trend strength, has moved to above 60. Also, the Relative Strength shows that it has momentum. Therefore, the coin may soon jump to $100, which is about 25% above the current level. A move above that level will raise the probability of it rising to the year-to-date high of $121, 53% above the current level.

On the flip side, a drop below the strong pivot reverse point at $62.5 will invalidate the bull run and raise the odds of it falling to $45.

Frequently Asked Questions (FAQs)

The Pi Network token has rallied as the end of the six-month grace period for pioneers to KYC themselves near. It has also surged because of the ongoing crypto bull run.

The developers have committed to completing the mainnet launch this year. As such, with just a month to go, odds are that it will happen in December.

The Pi Coin IoU is a cryptocurrency traded just in HTX that acts as a proxy for the main Pi network. It is not affiliated with the real project.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Price analysis

Rare Shiba Inu Price Patterns Hint SHIB Could Double Soon

Published

6 hours ago

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November 22, 2024

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Shiba Inu price continues to consolidate around a key level, but two unique chart patterns point to big a move ahead. If the pattern successfull breaks out SHIB could almost double in value. 

Technicals Hint Shiba Inu Price Could Double Soon

The daily chart shows that the SHIB price has formed three extremely rare patterns, that point to more upside in the coming weeks. First, the coin formed a golden cross chart pattern on October 20th as the 200-day and 50-day Weighted Moving Averages (WMA) crossed each other. The WMA is often seen as a better type of moving average because it focuses on recent data. 

Second, the SHIB price has also formed a bullish pennant pattern, which is characterized by a long flagpole and a symmetrical triangle. This flagpole happened between November 4 and 12. In most cases, a bullish breakout happens when the two triangles near their confluence levels, which is about to happen.

The other pattern is a cup and handle, which has been forming since the coin peaked at $0.000030 on May 29. This pattern is made up of two peaks and a rounded bottom, followed by a consolidation or a pullback. The handle section has coincided with the triangle section of the bullish pennant. 

One way to estimate the next target is to measure the distance between the upper and lower sides of the cup pattern. In this case, the distance was about 170%. As such, a conservative estimate is that the value of SHIB could double from the current level. For that to happen, it needs to rise to the key resistance point at $0.000045, 100% above the current level. It also ought to flip the year-to-date high of $0.000045 into a support.

On the flip side, a drop below the support at $0.000020, its October 29 high, will invalidate the bullish view. Such a move could push SHIB down to $0.000015.

Shiba Inu Price ChartShiba Inu Price Chart
Shiba Inu Price Chart

SHIB Burn Rate Slips But Upward Trajectory Remains

A key fundamental catalyst for Shiba Inu price is its burn rate, where millions of tokens are placed in an inaccessible wallet. Data by Shiburn shows that the burn rate dropped by 96% in the last 24 hours to 352,413. 

Still, despite this, the trend has been accelerating in the past few months. Over 410 trillion Shiba tokens have been burned, bringing the total tokens in circulation at 583 trillion. Shiba Inu burns happen voluntarily and from the fees collected in its ecosystem of platforms like ShibaSwap and Shibarium. 

The other potential catalyst for the Shiba Inu price is the ongoing crypto bull run. If Bitcoin pierces the key resistance at $100,000, there are chances that other altcoins will continue their bullish breakout. 

Frequently Asked Questions (FAQs)

Yes, there is a high likelihood that the SHIB coin will have a bullish breakout and surge in the coming weeks. It has formed a cup and handle, a bull pennant, and a golden cross.

The main catalyst for the SHIB price is its strong technicals and the ongoing crypto bull run. SHIB also has substantial volumes.

Traders are watching key points. The two notable ones are $0.000030, the upper side of the cup hand handle pattern, The other one is the year-to-date high of $0.000045.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Price analysis

Will Solana Price Hit $500 In November?

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2 days ago

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November 20, 2024

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Solana (SOL) price has surged by 42% since November, showcasing strong bullish momentum amid a recovering cryptocurrency market. The prominent Layer 1 blockchain is gaining investor confidence by breaking multiple resistance levels. This rally aligns with broader market improvements, fueling speculation of a potential breakout. Market enthusiasts now watch closely as Solana eyes a significant milestone, potentially reaching $500 this month.

Bitcoin’s remarkable rally past $90,000 has reignited optimism across the crypto market, driving gains in major altcoins like Solana. Over the past week, SOL surged over 10%, fueled by speculation around a potential Solana ETF debut in 2025.

Could Solana Price Hit the $500 Mark in November?

Following the success of Bitcoin and Ethereum ETFs earlier this year, experts predict Solana may be next to gain approval. The possibility of an SEC green light has drawn increased institutional and retail interest toward SOL. This growing demand continues to boost Solana’s price momentum, with analysts projecting it could reach the $500 mark.

As enthusiasm spreads across the crypto sector, the spotlight remains firmly on Solana’s potential future in the ETF landscape. At the time of writting, the SOL price is trading at $234, with a slight decrease of 2% in the past 24-hours. Solana price continues to climb, the top altcoins ATH of $260 with only a 10% surge needed.

The Solana price prediction trajectory remains firmly bullish, with market sentiment hinting at the potential for unprecedented highs in the near future. If current upward trends persist, the cryptocurrency could target the significant $300 mark in the coming months. With strong bullish sentiment, the price could surge by 110%, potentially reaching an impressive $500 milestone.

The Moving Average Convergence Divergence (MACD) shows bullish momentum. The MACD line remains above the signal line, supported by positive histogram bars, signaling continued buying interest.

Will Solana Price Hit $500 In November?Will Solana Price Hit $500 In November?
Solana Price Chart: TradingView

Solana has hit a remarkable achievement, with its Total Value Locked (TVL) surpassing $8.421 billion. This highlights the blockchain’s growing traction in decentralized finance (DeFi).

The market capitalization of stablecoins on the Solana network has reached $4.522 billion. This reflects the increasing adoption of stablecoins for transactions and liquidity within its ecosystem.

Will Solana Price Hit $500 In November?Will Solana Price Hit $500 In November?
Source- DefiLiama

Solana’s bullish momentum, fueled by market optimism, DeFi growth, and ETF speculation, positions it for significant gains. While $500 remains ambitious, sustained demand and favorable conditions could drive SOL toward this milestone.

Frequently Asked Questions (FAQs)

Solana’s price is rising due to market optimism, DeFi growth, and ETF speculation.

While ambitious, strong market momentum and demand make it possible.

Solana’s TVL surpassing $8.421 billion highlights its growing DeFi traction.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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