The post Shiba Inu Price Prediction: SHIB Price Might See 2x Rally By Mid-December appeared first on Coinpedia Fintech News
Shiba Inu, the second-largest meme coin, shows signs of a significant rally in the coming weeks. The cryptocurrency has experienced a 41% increase in value over the past four weeks. A rise in trading volume further supports this uptrend.
According to the weekly derivatives chart for Shiba Inu against the US dollar, an essential move for the bulls would be turning the 50 Moving Average (MA) into a support level, indicating a bullish trend. Additionally, in the daily time frame, there is anticipation of a ‘golden cross’ between the 50 and 200 MAs, a typically bullish signal in market analysis.
A well-known crypto analyst, Captain Faibik, has observed that SHIB has broken out of a significant falling logarithmic trendline. According to Faibik, this breakout is a macro retest indicating a strong potential for growth. Faibik, who shares insights on the X platform, suggests that Shiba Inu could see a 2x increase in price by mid-December.
Shiba Inu bolsters this prediction and has strong backing from institutional investors like Robinhood Markets, Binance, OKX, Crypto.com, Coinspot, and Gate.io. Faibik also notes that SHIB has likely reached its lowest point following the 2022 crypto bear market.
Shiba Inu’s Ecosystem Evolution:
The Shiba Inu ecosystem has evolved significantly, transitioning from a meme coin reliant on speculation to a utility-based digital asset. This transformation is mainly due to the launch of the Shibarium layer two scaling solution. Shibarium has been instrumental in attracting more DeFi developers to the Shiba Inu network, with approximately $680k in total value locked (TVL) across various decentralized applications (Dapps).