Shiba Inu Price Poised for 83% Rally, Could Double in Coming Days

Shiba Inu (SHIB), the popular meme coin, has been on a strong upward trajectory, gaining over 21% in just the past week and 73% since November. With the crypto market rallying in December, SHIB is positioning itself for even more significant gains. Analysts are forecasting that Shiba Inu could potentially double its value in the coming days, marking a bullish outlook for the token.

Shiba Inu Eyes Key Resistance and Breakout

At present, SHIB is encountering a crucial resistance level around $0.00003050, with all eyes on how the coin reacts to this price point. According to Shib Knight, a prominent crypto analyst, the price chart is forming a bullish "cup and handle" pattern, which often signals a breakout if the resistance is overcome.

If Shiba Inu successfully breaks above this resistance level, analysts predict a potential price surge to $0.000045, representing an 83% rally from its current value. This bullish pattern follows historical trends, where the token has previously experienced sharp upward movements after consolidating at key support levels.

Golden Cross and Bullish Indicators

In addition to the cup and handle pattern, SHIB’s chart is showing a Golden Cross, a technical indicator that often precedes a bullish market shift. The 50-day and 200-day exponential moving averages (EMAs) are signaling a crossover, further suggesting that SHIB’s price is poised for a significant upward movement. These indicators bolster the case for double-digit gains, reinforcing the possibility of a breakout.

Surge in Shiba Inu Network Growth

Another key factor propelling Shiba Inu’s bullish outlook is its growing network adoption. Over the past week, more than 7,500 new wallets have been created, signaling increased interest and participation in the Shiba Inu ecosystem. Data from Santiment reveals a 62.54% rise in new addresses and a 57.88% increase in active addresses, highlighting the token's expanding user base.

This surge in network activity suggests that Shiba Inu's popularity is continuing to grow, which could support its upward momentum in the long term. As more people get involved with the token, demand could rise, further driving its price.

Whale Burn and Reduced Supply

In addition to the growing network, a whale recently burned over 2 billion SHIB tokens, increasing the burn rate by more than 3,160%. This massive token burn reduces the overall supply of SHIB, which could play a significant role in driving the price higher, especially as the coin works to break through its key resistance level. SHIB's price had briefly dipped to $0.00003316 on December 2 but is now attempting to regain momentum.

With an increasing number of tokens being burned and rising demand, Shiba Inu is setting itself up for a potential price rally. If SHIB breaks through its resistance and continues to gain traction, the token could see its value double in the near future.

Conclusion

Shiba Inu’s strong growth, coupled with a favorable technical setup and rising network activity, makes it a token to watch in the coming days. As SHIB tests key resistance levels, the combination of bullish chart patterns, growing adoption, and reduced supply through burns suggests that the coin may be on the verge of a major breakout, potentially doubling its value in the near term.