The Shiba Inu (SHIB) ecosystem had a fairly good 2024. The meme coin witnessed a 137% spike throughout the past 12 months, pushing the asset to reach a yearly peak of $0.00003592. Despite this surge, SHIB remains 79% below its all-time high of $0.00008845. In addition, the asset seems to be struggling to eliminate a zero.
Also Read: Solana Is Outpacing Major Altcoins: Will It Claim $200 In November?
Shiba Inu Recovers From Dip
At press time, SHIB was trading at $0.0000179, with a 0.06% dip over the past 24 hours. Earlier today, the meme coin was trading at a low of $0.0000171, but the asset rose to a high of $0.0000180.
Even though October is considered a bullish month, Shiba Inu was moving rather slowly. Amidst this bearish atmosphere, an analyst brought back optimism into the market with his latest prediction.
According to the expert, Shiba Inu Coin has responded slightly favorably to a hidden bull divergence pattern, which further indicates a notable increase in price. The analyst said the meme coin would be ready for expansion despite the ongoing market turbulence.
If the current breakout holds, the price objective of $0.000081 will stay the same. In addition, there is a chance that it will rise by more than 330% soon. The expert predicts that Shiba may begin an early stage of substantial price continuation.
Also Read: Michael Saylor’s Bold U-Turn: Embracing Self-Custody Amid Backlash
Shiba Inu Profit Takers On The Rise
According to data from IntoTheBlock, the total percentage of Shiba Inu investors making money at the asset’s current price was increasing. At present, 52% of the meme coin holders were at a profit. Meanwhile, those who were enduring a loss weren’t far behind. About 43% of them were drowning in losses.
If Shiba Inu witnesses a 330% rise shortly, more investors will fall under the ‘profit’ category.
Also Read: Gold Enters Overbought Territory: Should You Sell & Rebuy the Asset?
