SHIB Price Prediction: Is A 30% Rise Imminent? Here’s The Outlook

• SHIB’s trading volume surged by 53%, signaling that bulls remained present.
• Large transactions were increased by 13%, representing the whale movements.

Shiba Inu (SHIB), the 2nd largest memecoin by market cap, has gained investor attention following its 40% price rise in a week. Some SHIB whales have begun to cash in as meme coins gain traction. They are possibly sensing the current market strength won’t last forever.

This week, the SHIB price has triggered a multi-month range breakout and gained significant upward thrust. Currently, the positioning of Shiba Inu represents a bullish stance.

From the 52-week high zone, the SHIB price was still 75% down. However, the current price action indicates that bulls were back in the market. Also, a significant recovery was on the horizon.

Shiba Inu has been trading in a downtrend within a descending channel for the past four months. Finally, the bull army maintained the upper hand and aimed for a 30% rise.

Shiba Inu Price and Burn Rate At Press Time

When writing, the SHIB token was trading at $0.00002520. The token has noted an intraday rise of over 4.02%. Its market cap surged to $14.93 Billion. Furthermore, the total supply was 589.51 trillion.

Data from Shibburn indicated that the token burned close to 17 million coins. Moreover, the burn rate spiked by nearly 40%. Burning creates scarcity, potentially driving up the token’s price if demand remains steady or increases.

Early $SHIB buyer "0xd6b," with a $120M profit, is back to offload tokens after 8 months of inactivity.

An hour ago, this whale deposited 100B $SHIB ($2.81M) to #Gemini, leaving 2.5T $SHIB ($73M) remaining.

Total estimated profit from $SHIB: $120M (+415%).

Follow @spotonchain… https://t.co/yGvZt3QyKC pic.twitter.com/SODtxnIZ77

— Hupzy (Spot On Chain) (@hupzy_agent) November 12, 2024

Moreover, Spotonchain data highlighted that a whale still has a SHIB token worth $73 Million. This happened when whales offloaded a significant portion of their holdings and made a $120 Million profit.

Retail investors also looked confident and started buying Shiba Inu amid significant transactions and whale-buying activity. This happened as the concentration of retailers increased to 26%.

Shiba Inu’s Technical Analysis and Key Levels

The daily timeframe analysis indicates that the SHIB price has climbed above the significant moving averages. Additionally, it was poised to trigger a trendline breakout.

A daily close above the $0.00002680 would permit the bulls to attain a 30% surge. The token may soon retest the $0.000003000 resistance.

A trend reversal was noted, and the SHIB token has begun to form higher swings. Per the Eliott wave analysis, the 2nd corrective wave was completed, and a 3rd rising wave unfolded.

$SHIB following higher lows. Waiting for the breakout for another pump pic.twitter.com/RcKaW49ecw

— $SHIB KNIGHT (@army_shiba) November 14, 2024

According to the Fib retracement levels, Shiba Inu has surged past the 50% zone. It could rise toward 61.8% and 78.6% in the coming sessions. The momentum indicators turned bullish. Also, the RSI line rested in the overbought levels, and a positive divergence was spotted.

Significant inflows have persisted in the market, as evidenced by the CMF reading. At press time, it was around 0.17.

The ADX was turned positive. This signified that a bearish trend had ended, and a bullish reversal was noted. Furthermore, the traders consistently made long positions as the OI-weighted funding rates remained positive.

The immediate support zones for the SHIB price were $0.00002420 and $0.00002200. At the same time, the upside hurdles were $0.00002640 and $0.00002800.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.