Shiba Inu Price Outlook Shows Potential 50% Surge in November, Drawing Parallels with DOGE
Shiba Inu saw a satisfactory performance during October, hinting at the possibility of brighter prospects in November. Presently, there are similarities in the trend of this memecoin compared to its larger counterpart a few weeks ago.
The price movement of Shiba Inu since May seems to be shaping a cup and handle formation, with a trough observed between August and September. This observation holds significance as Dogecoin concluded October on a high note, completing the latter phase of a similar curve.
Between September and October, SHIB witnessed a significant appreciation in value, accompanied by notable volatility. It is interesting to note that the memecoin saw gains averaging less than 3% from its October opening to closing price.
Despite the uneventful closure of October, the cup and handle pattern may suggest a bullish stance for November. Presently trading at $0.0000175, a completion of the curve would see SHIB reaching $0.000027, indicating a potential 56% upsurge within the upcoming 4 weeks.
Potential Breakout in Mid-November for Shiba Inu Price
Upon closer examination on the 1-day chart, another pattern appears to be emerging. Shiba Inu is forming a wedge pattern and nearing a crucial breakout or breakdown juncture, potentially explaining its struggle to rally significantly in October.
A pattern deviation is anticipated by mid-November, after which the price may resume the broader cup and handle formation. If this scenario unfolds, accumulation could likely commence within the following 2 weeks.
Is Shiba Inu Undergoing Accumulation at Lower Price Levels?
On-chain analytics suggest an increase in whale activity over the past month, with whale balances rising from 590 trillion SHIB at September’s close to 591.01 trillion SHIB by the end of October.
Conversely, investor balances exhibited a decline during the same period, decreasing from 130.76 trillion SHIB to 129.4 trillion SHIB over the last 4 weeks. Retail holdings also saw a slight drop from 262.99 trillion coins to 262.88 trillion coins.
Further insights from exchange data indicate a prevalence of Shiba Inu inflows in the previous month, aligning with the challenges faced in achieving a substantial price rally.
An optimistic scenario would involve increased outflows over inflows, coupled with robust growth in address holdings across various investor segments, particularly among the whale category.