Shiba Inu (SHIB), a cryptocurrency that has gained notoriety as a so-called ‘meme coin’, has experienced a significant upswing in volatility throughout the month of November. Despite the inevitable ebb and flow of growth and decline, the token has displayed an impressive ability to weather the tumultuous crypto market, recording a 39% increase over the past 30 days. This notable resurgence in market value has piqued the interest of investors, prompting new speculation over the altcoin’s potential trajectory as we look towards December 2024 and beyond.
According to data from CoinMarketCap, there has been a near 4% rise in the value of Shiba Inu within the last 24 hours alone, bringing the token’s trading price to $0.00002541. With a current market capitalization of $14.97 billion, Shiba Inu holds a firm position as the 13th largest cryptocurrency. Furthermore, the 24-hour trading volume has reached $1.05 billion, highlighting the significant market activity surrounding this altcoin.
Earlier in November, SHIB reached a peak price of $0.000030453, driven by a wave of investor optimism. Despite this rally, Shiba Inu remains 71.29% below its 2021 all-time high of $0.00008845, a sobering reminder of the coin’s past challenges.
Predictions for the future performance of Shiba Inu are far from uniform. Market analyst, Charting Guy, suggests the possibility of a substantial rally, with a potential rise to $0.00022, equating to an 800% increase. This optimistic projection resonates with the bullish sentiment within the SHIB community.
On the other hand, CoinCodex offers a more tempered forecast. By December 2024, it predicts that SHIB will trade between $0.00002493 and $0.00002567, representing a marginal decline of -1.13%. While this may not sound like music to the ears of long-term investors, for short sellers this range could provide a profit opportunity of up to 2.42%.
Crucially, technical indicators suggest that Shiba Inu is experiencing a bullish trend. The Relative Strength Index (RSI) on the weekly chart currently sits at 62.90, indicating a growing buying pressure. With the RSI nearing the overbought threshold of 70, this suggests that there may be potential for further upward movement.
In addition, the Directional Movement Index (DMI), a tool used to identify the strength of a prevailing trend, also points towards bullish momentum. The +DI value of 29.3910 exceeds the -DI value of 10.7426, signifying a strong buying dominance. Coupled with an Average Directional Index (ADX) value of 25.9889, this confirms the strengthening trend, reflecting an increase in bullish activity in recent weeks.
