Shiba Inu

Date: Sun, Dec 01, 2024, 05:49 AM GMTThe cryptocurrency market has started the new month on a bullish note, with several <a href="https://coinsprobe.com/strk-and-manta-gains-momentum-following-key-breakouts-is-more-rally-ahead/" rel="noopener noreferrer nofollow">altcoins </a>and memecoins making remarkable upward moves. This comes as Bitcoin dominance declines further to 57.38% from its recent high of 61.53%. Among the notable gainers, Shiba Inu (SHIB), the second-largest memecoin, is stealing the spotlight. SHIB has surged impressively, gaining over 18% in the last 24 hours following a key resistance breakout.While Dogecoin (DOGE) has already soared by over 168% in the past 30 days, Shiba Inu is quickly catching up, posting a 78% gain during the same period. Technical analysis suggests that SHIB could replicate DOGE’s recent rally, potentially delivering another &#43;64% surge.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a4afc2c09ae14d9ea7e55d7da6e0438f.png" /><h3 id="shib-39-s-price-action-following-doge-s-footsteps">SHIB&#39;s Price Action: Following DOGE’s Footsteps</h3>The daily chart for SHIB reveals a price action closely resembling Dogecoin&#39;s movements (shown by the orange line on the chart) before its recent rally. Shiba Inu is currently trading at $0.000031, following a breakout above the critical resistance level of $0.00002930, which has now turned into a support zone.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4552aa47e38f4aeaa209e6688b0216eb.png" /><h3 id="doge-s-rally">DOGE’s Rally:</h3>Earlier this month, Dogecoin broke out of a long-term descending channel, sparking a spectacular 168% rally within weeks. This breakout was driven by strong market momentum and renewed investor interest. The similarities in price structure suggest that SHIB could be on a similar trajectory.<h3 id="shib-s-setup">SHIB’s Setup:</h3>Shiba Inu has also broken out of its descending channel, signaling the potential for a major upward movement. This breakout has already propelled SHIB to a 78% gain, and with the RSI currently at 69.82, the token still has room for more upside.If Shiba Inu continues to follow Dogecoin’s path, a &#43;64% rally appears to be within reach. Key resistance levels to watch include $0.00003279 and $0.00004755. If the bullish momentum persists, SHIB could even reach $0.00005162, which would represent a 64% increase from its current price.<h3 id="conclusion">Conclusion</h3>Shiba Inu (SHIB) is demonstrating strong bullish signals, with its recent breakout potentially marking the beginning of a significant rally. With market sentiment largely optimistic and Bitcoin&#39;s declining dominance favoring altcoins, SHIB could replicate Dogecoin’s impressive run. Traders and investors should monitor the key levels closely as SHIB appears poised for a potential surge in the coming weeks.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.Also Read:<a href="https://coinsprobe.com/strk-and-manta-gains-momentum-following-key-breakouts-is-more-rally-ahead/" rel="noopener noreferrer nofollow"> STRK and MANTA Gains Momentum Following Key Breakouts: Is More Rally Ahead?</a>

Shiba Inu (SHIB) Gains Momentum With Key Resistance Breakout: Is It Following Dogecoin’s Path?

Table of Contents

CoinsProbe

Other articles published on Dec 1, 2024

Trump Draws Battle Lines with BRICS Over De-dollarization Plans

CYBRO and TON Show Strong Momentum — Here’s Where Prices Could Go by December 2024

Quick Profits: Best Meme Coin Presales to Buy and Hold for Short Term!

Coinbase’s Brian Armstrong calls AML regulations a U.S. policy failure, believes Elon Musk can fi...

Dormant Bitcoin Wallet Awakens After 11 Years: Details

Qubetics Presale Hits While Polkadot and SEI Drive Blockchain Innovation

Join our free newsletter for daily crypto updates!