Shiba Inu (SHIB) Poised for Potential 493% Rally with Confident Weekly Close
Shiba Inu (SHIB) is showing signs of a potential explosive rally, with analysts eyeing a remarkable 493% surge to the $0.00004 territory. The key to this bullish outlook lies in SHIB's ability to secure a confident weekly close above the middle band of the Bollinger Bands indicator.
Recent Performance and Market Conditions
Following five consecutive weekly green candles from mid-October to early November amid broader market growth, SHIB surged to $0.00000965. However, over the past two weeks, the token experienced a 12% decline, underperforming amid a relatively stagnant market. While Bitcoin reclaimed the $38,000 territory, Shiba Inu faced unique selling pressure from profit-takers, hindering substantial growth.
Critical Position and Bullish Momentum
Despite recent selling pressure, S...