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CoinGape 2024-12-03 09:35:46

Here’s Why Shiba Inu Price Could Double Soon

Here’s Why Shiba Inu Price Could Double Soon

​​As the bullish momentum grips the cryptocurrency market, the Shiba Inu price is showing strong signs of upward movement. The popular meme coin recently surged by 20%, reaching new price highs and fueling investor optimism. With the crypto market experiencing a December rally, SHIB appears poised for further gains. This breakout could begin a significant price rally, with the potential for the token to double in value soon. Could Shiba Inu Price Double Soon? The Shiba Inu price is gaining attention as it approaches a crucial resistance level that could determine its next major move. Currently facing a stiff resistance level near $0.00003250, SHIB has shown steady consolidation, building momentum for a potential breakout. If it successfully surpasses this resistance, analysts predict the price could rally by 83%, doubling its current value. This potential move comes as SHIB mirrors historical patterns of sharp upward trends following prolonged accumulation periods. Shiba Inu price is attracting attention as trading volumes rise and its community continues to lend strong support. The broader cryptocurrency market rally, marked by Bitcoin (BTC) surpassing $95,000 and Ethereum (ETH) climbing past $3,600, is expected to amplify SHIB’s upward momentum. TradingView SHIB’s price action may see double-digit gains as market conditions remain favorable. The significant burn activity within the SHIB ecosystem is also contributing to its optimistic outlook. According to Shibburn data, over the past 24 hours, SHIB recorded a staggering burn rate increase of 3,162.%, with 2,022,950,833 tokens burned. This reduction in circulating supply could play a vital role in boosting the token’s value. The surge in SHIB coincides with gains in other popular meme coins , such as Dogecoin price , Pepe (PEPE), and WIF. Their upward trajectories indicate growing investor confidence in meme-based digital assets. Shiba Inu Price Eyes For A Break Out The recent SHIB price hovered at $0.0000295, reflecting the growing optimism across the broader cryptocurrency market. Shiba Inu is targeting a critical resistance level at $0.00003. If this resistance is successfully flipped, the SHIB price prediction could surge to $0.00004 within the week. Conversely, failure to overcome the $0.00003 resistance could result in a pullback to $0.0000295. Such a retracement would erase recent gains and test SHIB’s investor confidence. The MACD indicator signals minimal momentum, with the MACD line slightly above the signal line, hinting at a potential upward bias. The Average Directional Index (ADX) stands at 44.43, indicating strong trend strength. This suggests that if a breakout occurs, it could lead to a decisive movement in either direction. SHIB Price Chart By TradingView To sum up, the Shiba Inu price momentum, coupled with favorable market conditions and increased token burns, positions it for potential exponential growth. With key resistance levels in sight, a breakout could trigger significant gains, doubling its value and rewarding optimistic investors. The post Here’s Why Shiba Inu Price Could Double Soon appeared first on CoinGape .

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