Shiba Inu (SHIB) is on track in closing the week on a bullish note as current forecast predicts it reaching a weekly high of $0.000008900.
The forecast came from Changelly, a crypto trading platform. According to the outfit, should Shiba Inu hit the $0.000008900 as predicted, it would have jumped by 9.39%.
Shiba Inu’s volatility lends credence to the possibility of this forecast. Currently, market sentiment is low with SHIB price pegged at $0.000007969 atop a 4% slump.
The token’s market capitalization of $4,697,098,306 recorded a 4.46% drop in value however, a 41% surge in trading volume is proof that SHIB traders have what to anchor their optimism on.
Shiba Inu Mixed Possibilities
Notably, Changelly is positive regarding Shiba Inu end this trading week. Currently the platform projects that SHIB might still erase some of its current losses and jump to $0.000008315.
Shiba Inu’s uptrend is expected to continue on November 23, and attain its peak on November 24. The twist comes after the bullish trend ends where the price of Shiba Inu is predicted to trade at $0.000008448.
From here on, prices might fall as SHIB is to touch $0.000007713 a 5.2% decline in comparism to its competitors.
SHIB’s Silver Lining
Despite the erratic response of most altcoins in the wake of the regulatory crackdown on Binance Exchange by US authorities, Shiba Inu has stayed resilient. SHIB is consolidating above a crucial support level at $0.0000075 amid increased selling pressure.
This consolidation is particularly of interest as any network or fundamental trigger may be ushered in to change the direction of the price movements. One such network and fundamental event is the burn rate metric.
The burn rate spiked by over 47,000% earlier this week, as community members doubled down on removing the massive SHIB in circulation. With the deflationary status, recorded network milestones and other promised innovation from the SHIB developer team, Shiba Inu’s potential upsurge remains high.
Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
