Shiba

Rally

Million

Shiba Inu

Coin

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46.png" class="attachment-full size-full wp-post-image" alt="Shiba Inu Con price prediction chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46.png 2710w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
Altcoins like Shiba Inu Coin (SHIB) have continued to sustain their uptrends over the past few weeks even as&nbsp;<a href="https://coingape.com/altcoin-season-top-performing-altcoins-bitcoin-price/">Bitcoin (BTC) consolidates below $35,000</a>. The second-largest meme coin, pushed above resistance highlighted at $0.000008 last week, reinforcing the bullish grip and subsequently the anticipated climb above $0.00001. 
<h2 class="p1" id="shiba-inu-coin-price-prediction-as-shib-consolidates-between-key-support-and-resistance">Shiba Inu Coin Price Prediction As SHIB Consolidates Between Key Support And Resistance</h2> 
<a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a>&nbsp;sits between support provided by the 100-day Exponential Moving Average (EMA) (blue) at $0.00000774 and resistance as highlighted by the 200-day EMA (purple) at $0.00000836. 
The meme coin, with a market cap worth $4.8 billion, is trading at $0.00000819 on Monday backed by $165 million in trading volume. Based on the upward position of the On-Balance Volume (OBV)&nbsp;<a href="https://coingape.com/markets/shiba-inu-price-prediction-will-shib-recovery-hit-0-0000/">SHIB bulls</a>&nbsp;have the upper hand and with a minor push, the price could blast through the immediate resistance and close the gap to $0.00001. 
<figure id="attachment_163527" aria-describedby="caption-attachment-163527" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46.png"><img decoding="async" class="size-full wp-image-163527" src="https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46.png" alt="Shiba Inu Con price prediction chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46.png 2710w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/SHIBUSD_2023-11-06_15-37-46-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"></a>
 <figcaption id="caption-attachment-163527" class="wp-caption-text">
 Shiba Inu Con price prediction chart | Tradingview
 </figcaption>
</figure> 
According to Fibonacci retracement levels, Shiba Inu has the potential to climb 61.8% above its lowest price point in October of 0.00000667 to $0.00000956 in the short term. 
However, the 200-day and the 38.2% Fibonacci level are the biggest immediate blockades. Traders would be on the lookout for a fresh bullish start above these two key levels. Buy orders placed above the highest resistance of the two—the 38.2% Fibo would begin locking in the gains at $0.00000956 but highly bullish traders may want to wait until&nbsp;<a href="https://coingape.com/shiba-inu-price-prediction-as-whales-move-millions-of-dollars-in-shib-will-meme-coin-rally-or-fall/">SHIB blasts above $0.00001</a>. 
Investors cannot immediately rule out the possibility of declines below $0.000008, which would add pressure to the major support at the 10-day EMA. The 50-day EMA (red) at $0.00000757 would be in line to absorb the excess selling pressure likely to push Shiba Inu to sweep liquidity at $0.0000072 and at the lowest support in October – $0.00000667. 
Shibarium Transactions Rise To 3.8 Million as Shibburn Plunges 88% 
Shibarium, the Ethereum layer 2 scaling solutions protocol dedicated to the Shiba Inu network has processed slightly over 3.8 million transactions since its mainnet launch in August. 
According to the Shibarium blockchain explorer, the scaling protocol currently boasts 1.53 million blocks at an average block time of 5.1 seconds. Transactions on the new protocol cost roughly 1.81 Gwei. 
<figure id="attachment_163525" aria-describedby="caption-attachment-163525" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/11/Shibarium-blockchain-explorer-_-Blockscout-1.png"><img decoding="async" class="size-full wp-image-163525" src="https://coingape.com/wp-content/uploads/2023/11/Shibarium-blockchain-explorer-_-Blockscout-1.png" alt="Shibarium blockchain explorer&nbsp;" width="2234" height="910" srcset="https://coingape.com/wp-content/uploads/2023/11/Shibarium-blockchain-explorer-_-Blockscout-1.png 2234w, https://coingape.com/wp-content/uploads/2023/11/Shibarium-blockchain-explorer-_-Blockscout-1-300x122.png 300w, https://coingape.com/wp-content/uploads/2023/11/Shibarium-blockchain-explorer-_-Blockscout-1-1224x499.png 1224w, https://coingape.com/wp-content/uploads/2023/11/Shibarium-blockchain-explorer-_-Blockscout-1-768x313.png 768w, https://coingape.com/wp-content/uploads/2023/11/Shibarium-blockchain-explorer-_-Blockscout-1-1536x626.png 1536w, https://coingape.com/wp-content/uploads/2023/11/Shibarium-blockchain-explorer-_-Blockscout-1-2048x834.png 2048w, https://coingape.com/wp-content/uploads/2023/11/Shibarium-blockchain-explorer-_-Blockscout-1-150x61.png 150w" sizes="(max-width: 2234px) 100vw, 2234px"></a>
 <figcaption id="caption-attachment-163525" class="wp-caption-text">
 Shibarium blockchain explorer
 </figcaption>
</figure> 
The Shiba Inu token burn rate program has suffered a major setback, down 88% in the last 24 hours. Only 900,779 SHIB tokens have been removed from circulation in the period, bringing the available supply to 580 trillion. 
Shiba Inu has a total supply of little over 589 trillion tokens, at least 410 trillion tokens have been removed from the supply, with about 9.3 trillion in staking protocols. 
<figure id="attachment_163526" aria-describedby="caption-attachment-163526" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/11/Shibburn.png"><img decoding="async" class="size-full wp-image-163526" src="https://coingape.com/wp-content/uploads/2023/11/Shibburn.png" alt="Shibburn rate&nbsp;" width="1012" height="632" srcset="https://coingape.com/wp-content/uploads/2023/11/Shibburn.png 1012w, https://coingape.com/wp-content/uploads/2023/11/Shibburn-300x187.png 300w, https://coingape.com/wp-content/uploads/2023/11/Shibburn-768x480.png 768w, https://coingape.com/wp-content/uploads/2023/11/Shibburn-150x94.png 150w" sizes="(max-width: 1012px) 100vw, 1012px"></a>
 <figcaption id="caption-attachment-163526" class="wp-caption-text">
 Shibburn rate
 </figcaption>
</figure> 
The Shibburn rate program is critical to the ecosystem. Its massive token supply has been blamed for Shiba Inu price poor performance since the 2021 bull run. The community hopes that by reducing the available supply, Shiba Inu will be in a position to rally and mimic the previous bull run to the all-time high of 0.00008616. 
<h3 class="p1" id="related-articles">Related Articles</h3> 
<ul> 
 <li class="p1"><a href="https://coingape.com/ripple-clo-stuart-alderoty-slams-gensler-stance-on-crypto-legal-counsel/?utm_source=24hrsupdateall">Ripple CLO Stuart Alderoty Slams Gensler’s Stance On Crypto Legal Counsel As ‘Threat To Rights’</a></li> 
 <li><a href="https://coingape.com/ftx-files-to-sell-trust-funds-from-grayscale-and-bitwise-worth-744-million/?utm_source=24hrsupdateall">FTX Files to Sell Trust Funds From Grayscale and Bitwise Worth $744 Million</a></li> 
 <li><a href="https://coingape.com/shiba-inu-news-shib-whale-reshuffles-4-trillion-tokens/?utm_source=24hrsupdateall">Whale Transfers 4.5 Trillion SHIB, How’s Shiba Inu&nbsp;Faring?</a></li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/shiba-inu-coin-price-prediction-why-shib-is-set-for-a-massive-rally-this-week/">Shiba Inu Coin Price Prediction: Why SHIB Is Set For A Massive Rally This Week</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Shiba Inu Coin Price Prediction: Why SHIB Is Set For A Massive Rally This Week

Table of Contents

Coingape News Media

Other articles published on Nov 6, 2023

BTC, ETH and XRP Price Analysis for November 6

SEC Criticizes Crypto Industry and Howey Test

The Best Apps to Help You Save Money

What is Rocket Pool? RPL Price Prediction 2023, 2024, 2025 to 2030

Nigeria has only 8,352 cybersecurity professionals as global demand rises to 4 million

RUNE Price Prediction 2024 to 2027: Will RUNE Reach $10 Soon?

Join our free newsletter for daily crypto updates!