Trending meme coin Price movement suggests a steady climb in the next months for SHIB, which has emerged from a slump that has been going on since December 2023. After hitting $0.00001195 on December 17th, the crypto's trend analysis shows that it has been forming lower highs, which has been exacerbated by a period of market consolidation across the board.
But it seems that SHIB has benefited from the current influx across a number of cryptocurrencies, sending the coin into a breakout from its two-month downturn. Therefore, based on historical performance and current technical analysis, we can expect a 50% to 70% increase over the next few months.
A recurring pattern occurs when analyzing the price movement of SHIB on a daily candlestick period into 2023. The token usually experiences downtrends that last a few months, followed by uptrends in the months that follow. Importantly, lower highs were formed throughout every decline cycle.
During the last occurrence of this, SHIB had a decline from August to October, followed by a 64% surge that persisted until December. The cryptocurrency has been in a decline ever then, with lower highs and a continuous low around $0.0000085, indicating that the bearish' enthusiasm is wearing out. The current breakthrough was revealed by crypto researcher Crypto on social media site X.
Although it is not possible to predict future performance based on previous outcomes, SHIB's recent breakthrough and change in momentum indicate that it may be ready for another significant rally. This might be due in large part to the wider upswing caused by Bitcoin's rebound.
The Future of SHIB: How Far Will It Climb?
As its community works to make SHIB more useful and take it out of memecoin territory, the cryptocurrency has gained a reputation for its resiliency and growth potential. Community members' SHIB burns have also accelerated with the price surge, reaching a 4098% increase in the last 24 hours.
Shiba Inu might hit $0.0000120, surpassing its December 2023 high, if it surges 60% to 70% from its present levels. Considering the Shiba Inu's track record of rapid development, this is certainly on the table. Nevertheless, reaching this price threshold would need an ideal confluence of circumstances, one of which being a persistent upward trend in the overall cryptocurrency market.
The current price of one SHIB token is $0.000009506. The current breakthrough has persisted, and the cryptocurrency is up 5.31% in the last seven days, despite the fact that it is still down 5.74 percent in the last 30 days. In the same timeframe, BONE, another cryptocurrency in the Shiba Inu ecosystem, saw a price gain of 15%.
