The Shiba Inu price struggled in November as the meme coin mania momentum faded. SHIB declined to a low of $0.000035, which was about 60% below the highest level in October. It is now trading at $0.000045, which is about 31% above the lowest level this month.
As you recall, Shiba Inu and other meme coins like Dogelon Mars and Floki Inu had a strong month in October this year. This performance happened as the momentum in the industry rallied.
At its peak, the market capitalization of Shiba Inu rose to more than $40 billion, pushing it to become one of the biggest coins in the world. Today, it is valued at more than $25 billion and is the 10th biggest coin in the world.
The Shiba Inu price jumped sharply on Tuesday this week after it emerged that the coin had attracted more than a million investors from around the world. It has also become the second most popular coin in social media. Most importantly, Kraken managed to list the coin. This is notable since Kraken is one of the biggest exchanges in the world.
While SHIB price struggled in November, the coin could rebound in December as the Santa Rally momentum sets in. Historically, most cryptocurrencies tend to do well in December.
The four-hour chart shows that the SHIB price has been in an overall bearish trend in the past few weeks. As such, it would be easy to predict that the coin’s bearish momentum will continue this month. However, a closer look shows that the coin has formed a falling wedge pattern.
In price action analysis, this pattern is usually a bullish sign. Indeed, it has already moved above the upper side of the wedge pattern and the 25-day and 50-day moving averages. Therefore, there is a likelihood that the coin will keep rising in December because of the Santa Rally. This could see it retest its all-time high.
This view will be invalidated if the coin manages to move below the lower side of the wedge at $0.000035.
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