The post Shiba Inu Price Set to Double In Coming Days – Shib Eyeing 83% Rally appeared first on Coinpedia Fintech News
The popular meme coin Shiba Inu has been showing strong growth, rising by over 21% in just a week and 73% since November. As the crypto market rallies this December, SHIB looks ready for even more growth. With this breakout, there’s a real chance that Shiba Inu could DOUBLE its value in the coming days!
Shiba Inu To See Double-Digit Gain
Currently, SHIB is facing a crucial resistance level of around $0.00003050, and analysts are closely watching how the coin reacts. According to Shib Knight, a well-known crypto analyst, the price chart is forming a bullish “cup and handle” pattern.
If SHIB successfully breaks above this resistance, it could soar, potentially reaching levels above $0.000045, marking an 83% rally. This follows patterns of past sharp upward trends after periods of steady consolidation.
In addition to the cup and handle formation, SHIB’s chart also shows a Golden Cross, a pattern indicating a potential bullish trend. The 50-day and 200-day exponential moving averages (EMAs) are also signaling a bullish crossover, which further supports the theory of an upward move, driving SHIB’s price to experience double-digit gains.
Shiba Inu Network Growth
Another factor driving Shiba Inu to surge more is its growing popularity, as shown by its network growth. Over the past week, 7,548 new wallets have been created, with significant increases in key address metrics.
Santiment data highlights this surge, with new addresses up by 62.54% and active addresses rising by 57.88%. Meanwhile, this growing interest suggests Shiba Inu could gain more popularity in the long run.
Whale Burn 2.022 Billion Shib Token
In addition to this, an anonymous whale burned over 2 billion SHIB tokens, pushing the burn rate up by more than 3,160%. This reduction in supply could also contribute to the price rally, especially as Shib’s price is trying to recover and break above the $0.00003 level after dropping from $0.00003316 on Dec 02.
With growing interest and more coins being burned, Shiba Inu might soon double its price if it breaks through key resistance points.