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The Price of Popular Meme-Inspired Cryptocurrency Shiba Inu (SHIB) could be on the verge of a major breakout, as a number of significant patterns on its chart suggest. After rising over 71.5% month-to-date to peak at $0.00003, SHIB price has pulled back another 20%, where it appears to have found a local bottom around $0.000024 . Such a correction can be considered healthy, considering the performance of the meme token during the first two weeks of November.
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This is now a crossroads: where can the SHIB price go next? One of the options appears to be a repeated rise to $0.00003, which could mean a 23% increase in the token’s price in the coming week. Such a development is partly suggested by the fact that the SHIB price has been repurchased below the 0.618 Fibonacci zone, which confirms the bullish momentum of the asset within such corrections.
Additionally, a golden cross is now developing on the daily chart of the Shiba Inu token, which is a “once a year” event. As U.Today has written several times, SHIB’s previous daily gold cross caused the token’s price to surge 450% between December 2023 and March 2024, where it peaked at $0.0000457.
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The main vision of SHIBHowever, it is currently yet to reach its all-time high equal to $0.00009. To get the Shiba Inu token there, the price will have to increase by 264% from its current levels, which means once again reaching the market cap mark of almost $40 billion, as it once did in 2021.
Whether this is possible in the current economic environment is a big question, but the Shiba Inu token has already proven its ability to grow by tens of percent per week.