Shiba Inu Gains 39% in November: What’s Next for SHIB in December?

The Shiba Inu (SHIB) cryptocurrency has taken investors on a volatile journey this month, with alternating periods of growth versus decline. The meme token, known for its active community and ambitious ecosystem, has shown both resilience and fluctuation. Over the past 30 days, the SHIB token surged over 39%, marking a recovery. However, questions loom on whether this momentum can be sustained through December 2024.

SHIB Price Action

According to CoinMarketCap’s data, Shiba Inu experienced a surge in the past 24 hours, climbing nearly 4% and trading at $0.00002541. With a market cap of $14.97 billion, the cryptocurrency is at the 13th spot in the market and 24-hour trading volume of $1.05 billion.

Earlier in November, the token peaked at $0.000030453, reflecting optimism among holders. Despite this recovery, the altcoin remains 71.29% below its all-time high of $0.00008845, a milestone achieved in 2021.

SHIB Price Predictions for 2024

The SHIB community is optimistic. Analysts, including Charting Guy, predict a possible price rally. His analysis suggests SHIB could reach $0.00022—an 800% increase.

While optimism persists, data from CoinCodex presents a more cautious outlook. By the close of December 2024, the token is projected to trade between $0.00002493 and $0.00002567, slightly below its current price.

This represents a minor decline of -1.13%, offering a probable profit window of 2.42% for short sellers. The cryptocurrency market’s unpredictable nature, however, means these forecasts are subject to rapid change.

The same analysis predicts SHIB may rise further as November fades, reaching $0.00005377, setting the stage for a strong December. If this trajectory holds, it could signal a renewed interest in the altcoin, especially for long-term holders seeking to capitalize on its upward movements.

SHIB Technicals Signal Strengthening Trends

The RSI on SHIB’s weekly chart stands at 62.90, indicating bullish momentum as it moves closer to the overbought threshold of 70. This signals growing buying pressure, suggesting a possibility for further price increases if the momentum sustains.

In addition, the Directional Movement Index on the weekly chart indicates bullish dominance. The +DI stands at 29.3910, higher than the -DI at 10.7426, reflecting more potent buying pressure. The Average Directional Index (ADX) at 25.9889 confirms a strengthening trend, suggesting the bullish momentum is gaining traction.