- Summary:
- The Shiba Inu price did excellently in October. The SHIB token price jumped by more than 883% during the month
The Shiba Inu price did excellently in October. The SHIB token price jumped by more than 883% during the month and it managed to cross its all-time high. This performance helped push its market capitalisation to more than $38 billion, making it bigger than Dogecoin by about $3 billion.
Why SHIB rebounded
The Shiba Inu price jumped sharply in October as interest in meme coins returned. This trend happened after Elon Musk tweeted about his dog, Floki. In a later tweet, he reiterated that he was long Bitcoin, Ethereum, and Dogecoin. He did not have any holdings in Shiba Inu.
Meanwhile, the coin’s price rallied after online users demanded that Robinhood should add it in its platform. Notably, this happened on the same day that the company published weak results. Therefore, there is a likelihood that the company will add Shiba Inu in a bid to attract more volume. Besides, it is now the 9th biggest cryptocurrency in the world. At its peak, Dogecoin was its most active revenue generator.
As all this happened, interest among small investors in the coin jumped. It was the best performing financial asset in most social media platforms like Twitter and StockTwits. So, will this rebound continue in November?
Shiba Inu price prediction
The four-hour chart shows that the Shiba Inu price bounced back in October. The coin made several higher highs and higher highs during the month.
A closer look at the chart shows that it has moved above the 25-period and 50-period moving averages (MA). At the same time, it seems like it is forming a bullish pennant pattern. In technical analysis, a pennant pattern is usually a bullish sign.
Therefore, I suspect that the coin will continue rebounding in the first two weeks of November as bulls target the next key resistance at $0.00010. This price is about 40% above the current level.
It will then see a major decline during the month as investors start taking profit.
