Originally published on: November 08, 2024
Shiba Inu (SHIB) has been making waves in the market, with a year-to-date increase of over 78.50% as of November 8th. While it may have lagged behind other memecoins like Dogecoin and Pepe, SHIB is starting to show signs of a potential rally that could push it to new heights.
One of the key indicators pointing to a SHIB price surge is the formation of a cup-and-handle pattern on the price chart. This bullish pattern typically leads to a breakout, with a potential target of $0.00003545, up by around 90% from current levels. If SHIB can break above resistance at $0.00002032, we could see a significant uptrend in the coming months.
Unlike Dogecoin, which has seen massive gains thanks to Elon Musk’s support, SHIB has room to grow based on its relative strength index (RSI). With a neutral RSI of 58.42, SHIB has more potential for upside compared to DOGE, which is currently overbought.
In addition, the SHIB/DOGE pair is signaling oversold conditions, suggesting that SHIB may be due for a rally as investors seek new opportunities. This shift could lead to a capital rotation from DOGE to SHIB, driving further price appreciation.
With the Shiba Inu ecosystem eyeing the establishment of a Strategic Hub for Innovation and Blockchain (S.H.I.B.) in the US, there are high hopes for SHIB’s future. This initiative could spark new advancements in blockchain technology and sustainable development, further enhancing SHIB’s value proposition.
While this article does not offer investment advice, it’s clear that SHIB is showing promising signs of a potential breakout. Keep an eye on this sleeping giant as it awakens in the bull market.
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