Shiba Inu Rallies After Brief Cool-Off Session, What Next For SHIB?

Shiba Inu price trend has tested two unique extremes in what appears as an incoming rally that may usher in higher price levels

Shiba Inu (SHIB), a top memecoin in the crypto market, demonstrates signs of a bullish rally amid an ongoing price breakout. Shiba Inu’s price declined by 1.2% in early trading hours, suggesting a major correction which later translated to a parabolic rally.

Shiba Inu’s Potential Bull Rally 

As of this writing, SHIB was trading at $0.00001894, up 3.37% in the past 24 hours. The price metrics have exhibited interesting trends over the past few weeks, declining from a high of $0.00001909 on September 27 to a low of $0.000017 on October 4.

With the current price outlook, Shiba Inu is expected to clear another zero as the next major target. This expectation is based on investors taking advantage of Shiba Inu’s recent price drop to accumulate the dip. When this happens, the growing investors could push the price higher, setting SHIB on a bullish rally.

Moreover, SHIB’s price is capitulating with an intriguing buying trend. The 24-hour trading volume rose by over 25% to $593 million, indicating investors’ determination to buy the token. Also, the Shiba Inu price prediction sentiment is bullish, while the Fear & Greed Index shows Greed.

Many market experts expect SHIB to perform strongly in the next bull market. Some forecast that SHIB could shed a zero and reach $0.0001 or higher soon. If achieved, this price will mark a new all-time high from its previous reading of $0.00008819.

Factors to Fuel the Potential SHIB Rally 

With many analysts projecting a major rally in this current cycle, SHIB is set to capitalize on external fundamentals to hit unprecedented levels. The memecoin’s growth will be influenced by its burn rate and whale actions across the ecosystem. 

Shiba Inu conducts periodic token-burning exercises to reduce its supply. This mechanism usually results in a price uptrend when demand increases. In the future, spikes in the burn rate mechanism could lead to a rally for SHIB. 

Furthermore, increased activity from large investors, also known as whales, is a major factor that could increase Shiba Inu’s price.

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