Shiba

Rally

Bitcoin

Shiba Inu

<img width="1946" height="1104" src="https://coingape.com/wp-content/uploads/2023/11/I3bp39lk.png" class="attachment-full size-full wp-post-image" alt="SHIB price" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/I3bp39lk.png 1946w, https://coingape.com/wp-content/uploads/2023/11/I3bp39lk-300x170.png 300w, https://coingape.com/wp-content/uploads/2023/11/I3bp39lk-1224x694.png 1224w, https://coingape.com/wp-content/uploads/2023/11/I3bp39lk-768x436.png 768w, https://coingape.com/wp-content/uploads/2023/11/I3bp39lk-1536x871.png 1536w, https://coingape.com/wp-content/uploads/2023/11/I3bp39lk-150x85.png 150w" sizes="(max-width: 1946px) 100vw, 1946px">
Shiba Inu Price Prediction: The popular meme cryptocurrency <a href="https://coingape.com/markets/shiba-inu-price-prediction-as-burn-rate-surges-442x-1-shib-incoming/">Shiba Inu coin witnessed high volatility</a> in November as market sentiment turned uncertain to events like delayed approval of Bitcoin spot ETF and crypto exchange Binance’s Legal battles. As a result, the SHIB price has been in a correction for nearly three weeks, dropping from $0.00000965 high to a current trading value of $0.00000815, accounting for 16%. How long will the correction last? 
Also Read: <a href="https://coingape.com/shiba-inu-burn-rate-surges-11000-shib-price-to-rally/">Shiba Inu Burn Rate Surges 11000%, SHIB Price To Rally?</a> 
<h2 id="b-can-shib-price-regain-0-00001-b">Can SHIB Price Regain $0.00001?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A drop below 50% Fibonacci retracement level indicates weakness in bullish momentum</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the overhead trendline will signal the end of the correction</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume of the Shiba Inu coin is $141.5 Million, showing a 29% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/i/I3bp39lk.png" alt="Shiba Inu Price Prediction" width="1946" height="1104">
 <figcaption class="wp-caption-text">
 Shiba Inu Price Prediction | Tradingview
 </figcaption>
</figure> 
The ongoing correction in the <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> is being monitored through the lens of two downsloping trendlines, which act as dynamic resistance and support for this memecoin. While this pullback reaching the 61.8% Fibonacci retracement level suggests a slight weakness in bullish momentum, the emergence of a bullish-flag pattern maintains a positive sentiment toward recovery.&nbsp; 
<blockquote>
 If this pattern holds true, the SHIB price is anticipated to breach the overhead trendline, signaling a continuation of the bullish trend. A daily candle closure above this trendline could intensify buying pressure, potentially propelling the price by 40% toward the upper trendline of a longstanding <a href="https://coingape.com/markets/shiba-inu-price-prediction-on-the-verge-of-17-rally/">wedge pattern</a> at $0.00001058.
</blockquote> 
This chart pattern has persisted in influencing the SHIB price for over 500 days, underscoring its significance. Hence, a bullish breakout above this pattern becomes pivotal for a trend reversal 
<h2 id="strong-shib-vs-doge-performance-strong">SHIB vs DOGE Performance</h2> 
<figure id="attachment_166588" aria-describedby="caption-attachment-166588" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-166588 size-full" src="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-28_19-24-07-e1701179938428.png" alt="SHIB vs Doge" width="1200" height="675">
 <figcaption id="caption-attachment-166588" class="wp-caption-text">
 Source: Coingape| Shiba Inu Vs Dogecoin Price
 </figcaption>
</figure> 
Analyzing the 3-month price behavior of both Dogecoin(DOGE) and Shiba Inu(SHIB) during the October-November rally reveals substantial growth. However, the SHIB price has faced a considerable setback amidst the current crypto market downturn, marked by a series of new lower lows and lower highs. Consequently, the <a href="https://coingape.com/price/dogecoin/">Dogecoin price</a> seems to possess a better chance of a robust rebound should the overall market sentiment improve. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> hovering around the 50% mark indicates a neutral sentiment prevailing in the market.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: Both the 50-day and 100-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a> provide additional support amid the current correction, potentially aiding in stabilizing the price.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/shiba-inu-price-prediction-as-pattern/">Shiba Inu Price Prediction As Bullish Pattern Emerged In Correction Hints 40% Rally</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Shiba Inu Price Prediction As Bullish Pattern Emerged In Correction Hints 40% Rally

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