The crypto community has set the level of the popular meme coin Shiba Inu (SHIB) in late November. A crypto analyst, on the other hand, says that unlike most, Elon Musk’s adding a crypto payment option to Twitter does not make much sense for DOGE and SHIB.
The crypto community’s Shiba Inu price prediction for November
The developments in the cryptocurrency market, which has been active last week, seem to be slowing down. That’s probably why Shiba Inu investors are also a little pessimistic about the price at the end of November. CoinMarketCap crypto community members expect SHIB to trade at an average price of $0.00001093 on November 30. The latest estimate for the end of November price of the popular meme coin is 5,133 game results. The forecast price represents a 9.62% decrease from the current price of SHIB at $0.00001209.
As for the year-end price, community estimates are slightly less bearish. The community expects the meme coin to trade at $0.00001107 on December 31st. This represents an 8.46% decrease compared to the current SHIB price.
Shiba Inu price analysis
Meanwhile, the Shiba Inu is trading at $0.000001209, down 6.14% on the day. However, it still has double-digit gains at 14.77% for the week. On a monthly basis, it increased by 8.92%. However, SHIB has been on the downside with the rest of the crypto industry since the beginning of the year. Accordingly, it fell 63.36% from its price of $0.000033 on January 1st.
SHIB price forecast and technical analysis for November
Crypto analyst Crispus Nyaga shares his predictions and analysis for SHIB’s November outlook. Shiba Inu and Dogecoin have come back to life after being in a consolidation phase for weeks. The main catalyst of the blowback, cryptocoin.comIt was Elon Musk’s purchase of Twitter, which you follow from . Shiba Inu price rose due to Dogecoin’s performance. Musk has become one of Dogecoin’s most active proponents over the past two years. Shiba Inu and other meme coins are starting to become better alternatives to Dogecoin. Therefore, historically, the two have a close relationship.
Buyers seem to believe that Elon Musk will incorporate Dogecoin into Twitter’s ecosystem. It is possible to do this as a payment option on Twitter, a platform with over 200 million daily active users (DAU). According to media reports, Musk is considering charging people to verify.
But in my view all these activities will not have a big impact on Dogecoin and Shiba Inu. First, it’s unclear how many people on Twitter would choose to use tokens as a payment option. A good example is when very few people buy Tesla accessories using cryptocurrency. As such, this rally is simply based on hype and false assumptions. The Shiba Inu price also rose due to Binance’s involvement in Twitter’s acquisition. Binance contributed a substantial amount of money which meant the two companies could become partners.
The four-hour chart shows that SHIB price has been in a strong uptrend for the past few days. The Relative Strength Index (RSI) is moving slightly below the overbought level, while staying above the 25-day and 50-day moving averages.
The coin broke the key resistance level at $0.0000012, the highest point on September 24. It’s also like in the process of creating a double top model. Therefore, SHIB will likely continue to rise as the bulls target the double top at $0.000015. However, it will then continue its downward trend.
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