u.today
The price of the popular meme-inspired cryptocurrency Shiba Inu ($SHIB) may be on the verge of a major breakout as suggested by a number of important patterns on its chart. After rallying more than 71.5% since the beginning of the month to peak at $0.00003, the $SHIB price further retraced 20% downward, where it seems to have found a local bottom around $0.000024. Such a correction can be considered healthy, considering the performance of the meme token in the first two weeks of November.
Now it is a crossroads — where can the $SHIB price go next? One of the options seems to be a repeated hike to $0.00003, which could mean a 23% increase in the token's price in the coming week. Such a development is partly hinted at by the fact that the $SHIB price was bought back below the 0.618 Fibonacci zone, which confirms the bullish momentum in the asset within such corrections.
In addition, a golden cross is now developing on the daily chart of the Shiba Inu token, which is a "once in a year" event. As U.Today has repeatedly written, the previous daily golden cross in $SHIB took the token price by 450% between December 2023 and March 2024, where it found its top at $0.0000457.
The main vision for $SHIB, however, remains to reach its all-time high equal to $0.00009 right now. To get the Shiba Inu token there, the price will have to go 264% up from its current levels, which means reaching the nearly $40 billion market capitalization mark again as it once did in 2021.
Whether this is possible in the current economic environment is a big question, but the Shiba Inu token has already proven its ability to grow by tens of percent per week right now.