In a fresh update on Shiba Inu (SHIB), CryptoAmsterdam, a well-known crypto analyst, has revised his previous forecast, issued on September 30, which predicted a potential upward trend for the meme coin. At that time, the analyst highlighted the emergence of ‘Stage 4’ on SHIB’s chart, signaling a possible bullish phase. Following this, CryptoAmsterdam emphasized the formation of a ‘mini-cycle structure’ that propelled SHIB to a “macro range high,” urging investors to exercise caution and wait for confirmation before taking action.
CryptoAmsterdam’s Updated Insights
Since CryptoAmsterdam’s initial analysis, Shiba Inu has experienced significant upward momentum. SHIB surged to a 7-month high of $0.00003031, prompting the analyst to revisit his outlook. According to the latest update, SHIB has now completed the mini-cycle structure, which began earlier in the year. CryptoAmsterdam remains bullish on the asset, predicting that the upward trend is likely to continue.
2. $SHIB | USD
— CryptoAmsterdam (@damskotrades) September 30, 2024
Like FTM, stage 4 was printed on the higher time frames, and a mini-cycle structure was formed afterward into the macro range high.
I would wait for a break above the corrective mini range 0.25 level or another fake out and trendline break. pic.twitter.com/FSmrgagN9q
However, the analyst reiterates a key piece of advice: “Dips are for buying.” He suggests that investors should view any short-term pullbacks as opportunities to accumulate more SHIB, anticipating further price surges in the near future. This strategy aligns with the broader sentiment in the crypto market, where Shiba Inu has outperformed expectations and caught the attention of many investors.
Shiba Inu’s Remarkable Performance in November
November, referred to by Shiba Inu’s lead figure, Shytoshi Kusama, as “GrowVember,” has been a transformative month for SHIB. The coin’s rally began in early November, coinciding with the re-election of pro-crypto President Donald Trump in the United States, and has only gained momentum since then. As of mid-November, Shiba Inu has surged by a staggering 59% month-to-date (MTD), with 65.4% gains in the past week alone.
This surge brings SHIB to a 64.5% increase over the last month and an impressive 182.7% year-to-date (YTD) performance. SHIB’s price peaked earlier today at $0.00003031, and while it has slightly corrected to $0.0000289, the momentum remains strong.
Shiba Inu’s Growing Market Position
With this impressive rally, Shiba Inu has solidified its position among the top 10 cryptocurrencies by market cap. SHIB recently flipped Avalanche (AVAX) to secure the 10th spot, with a market valuation of $17.09 billion. This newfound position is a testament to SHIB’s growing popularity and the confidence that investors have in its future prospects.
Crypto experts, including Oscar Ramos, have been quick to make bold predictions. Ramos suggests that SHIB could reach a market cap of $100 billion in the near future, which would push its price to $0.0001697. While this projection remains speculative, it highlights the potential for further price appreciation as the Shiba Inu ecosystem continues to expand.
Navigating Volatility
Despite the promising outlook, investors are urged to remain cautious in the face of potential market volatility. Shiba Inu’s rapid rise has brought attention to its underlying volatility, and with that comes the risk of price fluctuations in the short term. As CryptoAmsterdam notes, the current bull run presents both opportunities and risks, and traders should be prepared for the inevitable ups and downs of the market.
In conclusion, Shiba Inu’s recent performance underscores its growing importance in the crypto space, with analysts predicting that the coin could continue its upward trajectory. However, as always in the volatile world of cryptocurrencies, caution is advised, and every dip could be viewed as a potential buying opportunity.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
