Shiba Inu (SHIB) price, a popular meme-based cryptocurrency, has surged by an impressive 27% over the past week. This rally reflects growing investor optimism, fueled by encouraging market trends and robust signals of further gains. Despite minor corrections impacting the broader crypto market, SHIB has emerged as a standout performer within the meme coin category. Analysts suggest this upward trajectory could begin a parabolic phase, increasing interest among traders and long-term holders.
Shiba Inu Price Approaching Parabolic Phase
The crypto expert has sparked excitement among Shiba Inu investors, pointing to patterns that could signal another parabolic price rise. According to a recent post, SHIB shows signs of repeating historical trends, potentially entering a lucrative “parabolic phase.”
Expert illustrated a recurring cycle involving an initial rally, a cooling-off period, and a rapid upward surge in the “parabolic phase.” If history repeats, SHIB could soon experience substantial gains like past bull runs.
Analyst urged followers to prepare for potential gains, drawing attention to signs of the first rally and the recent cool-off period. The message has sparked anticipation within the SHIB community, as many wonder if this parabolic phase will match or exceed previous price peaks.
$SHIB is repeating history, and you know what that means…
The parabolic phase is coming! 📈
Are you ready for some gains? 🚀
#SHIB #Crypto pic.twitter.com/C0rNQ2faL4— SHIB Bezos (@BezosCrypto) November 14, 2024
Shiba Inu Price Cools Off After Recent Surge
After a strong market surge over the past month, the meme coin has experienced a slight dip. At the time of reporting, the price of SHIB trades at $0.00002416, marking a 5.10% decline in the last 24 hours.
As of Friday, Bitcoin has dropped to $87,000, while Ethereum remains marginally above the $3,000 threshold. The broader crypto market exhibits bullish and bearish movements, creating a sideways trading pattern.
Will SHIB Price Rally To $0.00003 In November?
The Shiba Inu price prediction faces a critical crossroads as downward trends threaten support levels near $0.000024. A bearish continuation might push SHIB as low as $0.00001. Conversely, renewed bullish momentum could drive the price to $0.000025 or even surge to $0.00003 this November if buying pressure significantly increases
The technical indicators for SHIB on the 4-hour chart reveal a mixed outlook for the cryptocurrency. The Average Directional Index (ADX) currently stands at 20.51, indicating a weak trend, as values below 25 often signify lower directional strength. The Moving Average Convergence Divergence (MACD) indicator shows signs of potential bearish momentum. The MACD line is slightly below the signal line, with the histogram displaying red bars, suggesting that a bearish sentiment may be prevailing.
Shiba Inu’s price shows potential for a parabolic phase. Key support levels are critical for sustaining bullish momentum. Current indicators signal caution. Renewed buying pressure could ignite a significant rally, making November a decisive month for SHIB’s trajectory.
Frequently Asked Questions (FAQs)
A rapid, exponential price increase after periods of accumulation and cooling.
If buying pressure increases, SHIB may test higher resistance levels.
Critical support is near $0.000024; falling below could trigger dips.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/heres-why-shiba-inu-price-is-about-to-start-parabolic-phase/
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