- Shiba Inu has gained over 78% year-to-date, trailing key memecoin rivals like Dogecoin.
- Technical indicators hint at a potential SHIB rally, driven by a cup-and-handle pattern.
- Proposed blockchain innovation hub could support Shiba Inuās adoption under Trumpās expected pro-tech policies.
Shiba Inuās token SHIB has gained over 78% in 2024, reaching $0.0000191 on Nov. 8. Despite this growth, SHIB has underperformed compared to other popular memecoins, such as Dogecoin, which has seen a gain of over 115%. However, Shiba Inu now appears poised for further growth, with technical patterns suggesting potential for a price surge.
Analysts point to a cup-and-handle pattern forming on SHIBās price chart as a signal for a possible rally. This bullish structure, typically marked by a rounded cup shape followed by a small dip or āhandle,ā suggests an upward trend if SHIB can break through the neckline resistance at around $0.00002032. If confirmed, this breakout could drive SHIB toward a target of $0.00003545, representing a 90% increase from current levels by early 2025.
Source: Tosh on X
Technical Indicators and Market Conditions
Shiba Inuās recent performance has also been influenced by capital movements within the crypto market. With Dogecoinās daily relative strength index (RSI) indicating overbought conditions, investors may shift from DOGE to SHIB, where the RSI remains in a neutral zone, suggesting more growth potential.
Recent RSI data also shows that SHIB has been oversold relative to DOGE, hinting that the downward pressure on SHIB may be subsiding. Historically, similar patterns in SHIBās RSI have led to significant rebounds, with potential gains of 30% to 150% when oversold conditions ease.
Shiba Inu Innovation Hub and Market Impacts
In a related development, Shiba Inuās ecosystem is proposing a Strategic Hub for Innovation and Blockchain (S.H.I.B.) within a U.S. city. This initiative aims to create a prominent location for blockchain technology and sustainable development. Market observers note that Donald Trumpās administration is expected to focus on economic growth policies that could foster innovation and public-private collaborations.
These conditions might benefit blockchain-centered projects like S.H.I.B., potentially supporting SHIBās market position and fostering new use cases and applications.
