Shiba Inu Hits Monthly Peak — Is Another Record-Breaking Rally Coming?
07 Novembro 2024 - 8:30PM
NEWSBTC
Recently, Shiba Inu (SHIB) has exhibited promising momentum,
thereby attracting the attention of both investors and traders.
After achieving a significant 30-day high, SHIB has embarked on an
upward trajectory, leading many to speculate about its potential to
attain new heights—perhaps even its all-time high (ATH). Related
Reading: Solana Rockets Past BNB To Claim Coveted 4th Spot In
Crypto Ranks With increasing buying volume, confidence in SHIB’s
future is growing. Some individuals are beginning to believe that
this could signal the onset of something more substantial; however,
there remains a crucial obstacle: a resistance level at
$0.00001900, which must be overcome. Shiba Inu: Breaking Through
Resistance SHIB needs to break out above this zone of resistance,
thus keeping the upward momentum intact. It has acted as a barrier
in the past and hence inaccessible for SHIB to record more. If
successful at breaking through, there is high hope for higher
levels-and that may just kindle the hopes among investors that
anticipate SHIB to test its all-time high again. A significant
volume break at this level would, however, bolster the bullish
sentiment. Conversely, if it fails to overcome this obstacle, SHIB
might encounter a pullback toward its support levels, which are
around the 50-day moving average, where it could consolidate and
gather strength for another attempt. A More Favorable Market
Environment? The timing of this likely breakout also looks pretty
good in the context of a much larger, more favorable market
environment. With the US elections out of the way, political
uncertainty has diminished significantly, and investors appear to
be willing to take on risk once again. This has caused a
“de-risking” environment, and the asset here is a beneficiary. The
overall crypto market is slowly showing a recovery trend, and it
will bode well for SHIB in the long term. This would be especially
true if short-term runs continue to favor SHIB. The next week to 10
days will be pivotal as to whether SHIB can sustain this trend or
not. Related Reading: Binance Coin Breaks $600! Is There More
Upside Ahead For BNB? Bold Vision Besides the technical details,
there is a vision for the future of Shiba Inu. Recently, principal
developer Kusama introduced an ambitious initiative designed to
place the US as a global leader in blockchain technology through
“Strategic Hub for Innovation in Blockchain” (S.H.I.B.). This
project that has the potential to convert US into the “Silicon
Valley of Crypto” will aim at attracting blockchain talent,
stimulating innovation, and generating employment. However, despite
these requiring hefty investments estimated between $1.3 billion
and $2.35 billion for the next decade, it shows the growing
ambition behind Shiba Inu and its much bigger role in the
fast-changing blockchain landscape. At present, if it can break
through the critical technical barriers and the market remains
favorable, there is always the potential for significant growth
down the line. Statistics from CoinCheckup indicate a six-month
prediction increase of 107% for the meme coin, with a one year
forecast of 77%. Featured image from blog.shib.io, chart from
TradingView
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