Shiba Inu (SHIB) is on track to close the week on a bullish note as current forecast posits the token may reach a weekly high of $0.000008900.
The forecast came from Changelly, a crypto trading platform. According to the outfit, should Shiba Inu hit the $0.000008900 on November 24 as predicted, it would have jumped by 9.39%.
Shiba Inu’s volatility lends credence to the possibility of this forecast. Currently, market sentiment is low with SHIB price pegged at $0.000007969 atop a 4% slump.
The token’s market capitalization of $4,697,098,306 recorded a 4.46% drop in value. However, the over 41% surge in trading volume is proof that SHIB traders still have what to anchor their optimism on.
SHIB Prediction Gives Mixed Possibilities
Notably, Changelly is largely positive regarding how Shiba Inu will end the trading week. From the current level, the platform projects that SHIB might still erase some of its current losses and jump to $0.000008315.
Shiba Inu’s uptrend is expected to continue on November 23, and attain its peak on November 24. The interesting twist comes after the bullish trend ends on November 25 where the price of Shiba Inu is predicted to trade at $0.000008448.
From here on, prices might start falling as SHIB is on track to touch $0.000007713, down by 5.2% when compared to its competitors.
The Silver Lining for Shiba Inu
Despite the erratic response of most altcoins in the wake of the regulatory crackdown on Binance Exchange by US authorities, Shiba Inu has stayed resilient. SHIB is consolidating above a crucial support level at $0.0000075 amid increased selling pressure.
This consolidation is particularly of interest as any network or fundamental trigger may be ushered in to change the direction of the price movements. One such network and fundamental event is the burn rate metric.
The burn rate spiked by over 47,000% earlier this week, as community members doubled down on removing the massive SHIB in circulation. With the deflationary status, recorded network milestones and other promised innovation from the SHIB developer team, Shiba Inu’s potential upsurge remains high.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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