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Price analysis

Shiba Inu Price Records Largest Weekly Gain Since Feb, ATH Next?

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2 weeks ago

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Shiba Inu price has soared over 64% in the last 6 days, recording the largest weekly gain since February 2024. This increase comes amid Bitcoin breaking previous all-time highs and the entire crypto market surging to $2.915 trillion. This is just slightly shy of the 2021 top of $3.006 trillion. A crypto analyst shared that he expects one more resistance before SHIB rallies back to a previous all-time high. Can the price of SHIB regain its ATH before the end of the year?

SHIB price trades at $0.00002625 on November 11 after increasing by 16.1% in the last 24 hours. Following the footsteps of the largest gainer, Dogecoin (DOGE), SHIB has surged 54.9% in the past week and could be eyeing extended gains this week after clearing one key obstacle.

Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next?Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next?
SHIB/USDT Price Chart

Shiba Inu Price Hit a Block: Is the Rally Over?

The SHIB price currently struggles to break above a key resistance level of around $0.00002750. After surging with volume to this previous level of temporary resistance, traders are taking profit, which has resulted in a pause from the rally.

However, crypto analyst Motion Man believes this is nothing to be worried about as he predicts SHIB will rise by 70% in the coming days to test the $0.000046 level, and if it clears his resistance, he expects SHIB to explode to ATH. 

The Shiba Inu price rally is not over because of a few factors:

  1. Coingecko data shows the 24-hour trading volume is up 255%, signaling a recent spike in market investor interest.
  2. The SHIB open interest (OI) is up 19.31%, according to data from Coinalyze. This combined with the increasing price suggests traders are entering longs on the meme coin, a bullish signal for the Shiba Inu price.
  3. Santiment data shows the price-daily active addresses (DAA) divergence is currently at an 8-month high. Combined with the rising price, it indicates strong positive market sentiment and increased network activity. This alignment suggests that the price increase is supported by genuine growth in user engagement, which can be a healthy sign for the SHIB’s long-term rally.

SHIB Price Analysis: All Eyes On $0.000046

After surging to a local high of $0.00002804, SHIB price now faces huge profit taking around that price level, reinforces a previous historical resistance. Due to the factors mentioned previously, the Shiba Inu price forecast shows the rally is likely to continue. 

A break above the the current resistance would spark a 70% (1.7X) rally to $0.000046, which coincides with the previous yearly high. Beyond that, the 4.236% Fibonacci extension level presents a potential resistance around $0.00006088.

After that, bullish SHIB predictions suggest ATH will likely be next. 

Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next? Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next?
Shiba Inu Price Analysis Chart

An invalidation thesis for the current SHIB bull market would be if bears push price back below $0.00001811. This would signal market weakness that could send the meme coin down to $0.000015 and potentially to $0.000012.

Frequently Asked Questions (FAQs)

The rally hit temporary resistance at $0.00002750, but analysts believe it will continue. If SHIB clears this barrier, it could rally by 70% to $0.000046 and potentially reach a new all-time high (ATH).

SHIB price targets include $0.000046 and $0.00006088, with analysts predicting a push toward its previous ATH if key resistance levels are broken.

Analysts believe it’s possible if SHIB breaks through critical resistance levels and maintains strong momentum, aided by increased trading activity and market sentiment.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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

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4 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 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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Pepe Coin

Pepe Coin Price Will Blast to ATH Soon

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2 days ago

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November 20, 2024

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Pepe Coin price remains in a bear market after falling by 23.3% from its year-to-date high. Crypto experts expect that the popular meme coin will bounce back and blast past its all-time high in the near term.

Crypto Analysts See Pepe Coin Price Hitting New ATH 

Most cryptocurrency analysts agree that it is just a matter of time before Pepe price jumps by 31% and hits its all-time high as the crypto bull run continues. 

Bluntz, a popular crypto trader used Elliot Wave analysis on the four-hour chart to predict that the coin will soon make a bullish breakout. He believes that it has moved to the ABC pattern and a symmetrical triangle, which is nearing its confluence level. In most periods, this pattern leads to a strong bullish breakout.

Pepe Analyst ForecastPepe Analyst Forecast
Pepe Analyst Forecast

This view was shared by other analysts like Dami-DeFi, who has over 76,000 followers, and Trader ELM.

Fundamentally, traders note that Pepe is one of the most popular meme coins in the industry and that it has a real chance to flip Shiba Inu. Data shows that Pepe regularly has higher volume metrics than Shiba Inu, a sign of demand among traders. It had a 24-hour volume of $5.4 billion compared to SHIB’s $1.9 billion. 

Also, there are signs that whales are accumulating the coin. Data from Etherscan shows that a whale bought Pepe coins worth over $65 million on Wednesday.

Pepe Whale TransactionPepe Whale Transaction
Pepe Whale Transaction

Pepe Price Has Strong Technicals

The daily chart shows that the Pepe coin price blasted past the crucial resistance level at $0.00001721 on November 13. This was an important level since it was its highest level on March 27 and its previous all-time high. 

Most notably, this was the upper side of the cup and handle pattern, a popular sign of a continuation. 

The coin has now pulled back after hitting its all-time high of $0.00002595 as the recovery takes a breather and some investors take profits. It has remained above the 50-day and 200-day moving averages, which formed a golden cross pattern in September.

Pepe coin price seems to be forming a doji candlestick pattern, which is characterized by a tiny body and long upper and lower shadows. In most cases, this is one of the most accurate reversal candlestick patterns. 

Pepe Coin Price ChartPepe Coin Price Chart
Pepe Coin Price Chart

Therefore, there is a likelihood that the Pepe price will bounce back and possibly retest the all-time high of $0.000025. A break above that level will point to more gains to $0.000030.

On the flip side, a crash below the support at $0.000017 will invalidate the bullish view. It will raise the possibility of mean reversion as sellers target the 50-day moving average at $0.000012.

Frequently Asked Questions (FAQs)

Pepe Coin price could bounce back to a record high because of its strong fundamentals and technicals. It has formed a symmetrical triangle on the 4H chart and a cup and handle pattern on the daily.

The most likely scenario is where the Pepe coin rallies and reaches a record high of $0.000025 in the near term.

Some of the potential catalysts for the Pepe token are its strong technicals and the fact that whales are accumulating the token.

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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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