Shiba Inu price is rising today, Nov. 10, mirroring the performance of other cryptocurrencies, which have bounced back from their monthly lows. One popular crypto analyst predicts that the token has more upside, potentially 200% in the near term, citing its technical setup.
Crypto Analyst Predicts Shiba Inu Price Surge
Shiba Inu price has remained in a consolidation phase in the past few months, suggesting that it is in the accumulation phase of the Wyckoff Theory. It has been stuck between the key support and $0.0000097 and the resistance at $0.00001636 since February this year.
In an X post, Javon Marks, an analyst with nearly 60,000 followers, noted that the coin was clearly in an accumulation stage. He also noted that the coin had shown a bullish divergence pattern, which could be a sign of a potential rebound. A divergence happens when an asset is falling as oscillators like the Relative Strength Index (RSI) and the MACD make some higher highs.
Still, the main risk for this SHIB price forecast is that a bullish divergence takes months or even years to work out. For example, Shiba Inu price remained in a consolidation phase between the resistance at $0.00001758 and the support at $0.0000063 between May 2022 and February 2024.
SHIB Price Boosted by Rising Futures Open Interest and Burn Rate
Shiba Inu price is rising today because of the ongoing crypto market rebound that has affected most tokens. Bitcoin price jumped above $107,000, while XRP jumped by over 10% on Monday. As a result, the market capitalization of all tokens soared by over 4% in the past 24 hours.
The ongoing rally is because of the rising hope that the US government shutdown is about to end, with eight Democrats joining with the Republicans in advancing the vote.
Shiba Inu price had its own catalysts. For..example, the futures open interest showed some signs of stabilizing. Data compiled by CoinGlass shows that the futures open interest rose to $73 million on Monday, up from the weekend low of $60 million.
Rising open interest is a sign that investors are starting to use leverage, which may boost its performance as demand rises.
The other major catalyst for the SHIB price is the burn rate has jumped in the past few days. Shibburn shows that the burn rate rose by almost 66,000% in the past 24 hours to 622 million. Most of this burn came from a single transaction of about 621 million tokens.
Still, the token faces some notable risks, including the deteriorating performance of its Shibarium network and the overall lack of demand from investors.
