Shiba Inu (SHIB) Price: Forms Cup-and-Handle Pattern: Massive Rise Incoming?

TLDR:

• Shiba Inu (SHIB) price predicted for potential 300% rally with whale activity up 4%
• Cup-and-handle pattern suggests possible 90% price increase to $0.00003545 by early 2025
• Recent whale transactions show 2.57 trillion SHIB tokens traded in 24 hours
• SHIB underperformed compared to Dogecoin’s 115% YTD growth
• Strategic Hub for Innovation and Blockchain (S.H.I.B.) proposed in US city

Recent data shows increased activity in Shiba Inu (SHIB) markets, with whale transactions and trading volumes reaching notable levels in early November 2024. The second-largest meme cryptocurrency has seen its large transactions increase by nearly 4%, according to data from IntoTheBlock.

In the past 24 hours, whale traders moved 2.57 trillion SHIB tokens, following a seven-day high of 6.39 trillion tokens traded on November 6. One standout transaction involved a $10.4 billion SHIB transfer to Coinbase, which analysis suggests was to meet growing demand rather than a selling pressure.

The cryptocurrency has gained about 78.50% year-to-date, reaching $0.0000191 on November 8. However, this growth trails behind its main competitor Dogecoin, which has seen a 115% increase in the same period.

Technical analysis reveals a cup-and-handle pattern forming in SHIB’s price chart. This pattern typically indicates potential upward movement, with current data suggesting a possible rise to $0.00003545 by early 2025. This target represents a 90% increase from current levels.

Cryptocurrency analyst Javon Marks pointed out a Hidden Bull Divergence in SHIB’s patterns, suggesting the possibility of a 300% rally. The analyst’s target price sits at $0.000081, approaching the coin’s previous all-time high of $0.000088.

Market observers note that SHIB often follows Dogecoin’s price movements. With DOGE showing strong performance, up 23% in the past week, expectations for SHIB to follow suit have increased among traders.

The Daily Active Addresses (DAA) divergence for SHIB has reached a one-month high, indicating increased user engagement with the cryptocurrency. This metric often correlates with price movement potential.

In terms of relative strength, SHIB’s daily RSI stands at 58.42, suggesting room for growth. This contrasts with Dogecoin’s RSI above 70, which some analysts interpret as an overbought condition that might lead to profit-taking.

Recent developments include a proposal for a Strategic Hub for Innovation and Blockchain (S.H.I.B.) in an unnamed US city. This initiative aims to create a center for blockchain technology and sustainable development.

Trading data shows whales have maintained active involvement in SHIB markets. Large-scale traders continue to move substantial amounts of tokens, with recent transactions showing consistent high-volume activity.

The SHIB/DOGE trading pair currently shows oversold conditions, suggesting potential for a recovery. Historical patterns indicate such conditions have previously led to rallies ranging from 30% to 150%.

Market analysts are watching the $0.00002032 level as a key resistance point. A breakthrough above this price could confirm the cup-and-handle pattern and potentially trigger the projected upward movement.

The cryptocurrency’s price movements remain closely tied to broader market conditions and whale activity. Recent data shows consistent large-scale transactions, indicating sustained interest from major traders.

Current market metrics show SHIB trading volumes maintaining steady levels, with whale activity continuing to influence price movements. The most recent trading data indicates sustained interest from large-scale investors.