Shiba Inu (SHIB) has skyrocketed by 64% over the past six days, marking its most significant weekly gain since February 2024. This rally aligns with Bitcoin's breakthrough to new all-time highs and a broader crypto market capitalization nearing $2.908 trillion**—just shy of the 2021 peak of **$3.006 trillion. Analysts suggest SHIB may face one final resistance level before potentially reclaiming its previous all-time high (ATH). Could 2024 be the year SHIB surpasses its historic peak?
Current SHIB Price Overview
- Price: $0.00002582 (as of November 11)
- 24-hour gain: +13.4%
- 7-day surge: +53.9%
👉 Track SHIB’s live price movements
Key Resistance Level: $0.00002750
SHIB’s rally temporarily stalled at $0.00002750**, a critical resistance level. Profit-taking by traders has paused the uptrend, but analysts remain optimistic. Notably, **Motion Man**, a prominent crypto analyst, predicts a **70% surge** toward **$0.000046 if SHIB breaks this barrier, with ATH potential thereafter.
Why the Rally Isn’t Over Yet
- Spiking Trading Volume: 24-hour volume surged 255%, reflecting heightened investor interest.
- Rising Open Interest (OI): OI increased by 19.31%, indicating bullish long positions.
- Network Activity Growth: Daily active addresses (DAA) hit an 8-month high, confirming organic user engagement.
Price Forecast: Targets to Watch
- Short-term: A breakout above $0.00002750** could fuel a **70% jump** to **$0.000046 (previous yearly high).
- Mid-term: The 4.236% Fibonacci extension at $0.00006088 may act as the next resistance.
- ATH Scenario: Analysts suggest SHIB could challenge its historic peak if momentum sustains.
Invalidation Alert: A drop below $0.00001811** could signal bearish reversal, potentially pushing SHIB toward **$0.000012.
FAQ: Shiba Inu Price Rally Explained
Q1: What’s driving SHIB’s current price surge?
The rally is fueled by Bitcoin’s ATH breakout, increased meme coin demand, and robust SHIB network metrics (e.g., trading volume, DAA).
Q2: What are SHIB’s key price targets?
- Near-term: $0.000046
- Long-term: $0.00006088 → ATH retest
Q3: Could SHIB hit a new ATH in 2024?
Yes, if it clears critical resistances and maintains bullish sentiment backed by trading volume and network growth.
Final Thoughts
Shiba Inu’s technical and on-chain signals suggest the rally has room to run. Traders should monitor the $0.00002750 breakout for confirmation of further gains.
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Note: Always conduct independent research before investing. Market conditions can change rapidly.
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