Shiba Inu (SHIB) price prediction for November

price of shiba inu Well done in the last few days. The SHIB coin rose to $0.000015, its highest since August 17th. The price was about 65% above the low of the year. On Tuesday, the coin was trading at $0.000013.

SHIB Outlook in November

Shiba Inu When dogecoin After staying in the consolidation phase for several weeks, it came back to life. Elon Musk buys Twitter last week. He paid his $44 billion to struggling and loss-making social media companies.

Dogecoin’s performance has pushed Shiba Inu’s price up. Over the past two years, Musk has become one of his Dogecoin’s most active supporters. In fact, Dogecoin was a sleepy and relatively unknown cryptocurrency before he endorsed it.

Shiba Inu and other memecoins have started to be better substitutes for Dogecoin.

Buyers believe Elon Musk will incorporate Dogecoin into the Twitter ecosystem. He was able to do this by making payment options for his Twitter, a platform with more than 200 million daily active users (DAUs). According to media reports, Musk is considering making people pay for verification.

However, in my view, all these activities will not have a significant impact on Dogecoin and Shiba Inu. For one thing, it’s unclear how many people like using coins as a payment option on Twitter.A good example is how few people use coins to buy Tesla accessories. So this rise is simply based on hype and false assumptions.

Binance’s participation in the acquisition of Twitter has also increased the price of Shiba Inu. Binance has provided a lot of money, which means the two companies can partner.

Shiba Inu price prediction

The 4-hour chart shows that the SHIB price has been in a strong bullish trend for the past few days. While the Relative Strength Index (RSI) is slightly below overbought levels, it is above the 25- and 50-day moving averages.

The coin has broken above the key resistance level of $0.000012, the Sept. 24 high. It also seems to be forming a double top pattern. Therefore, the coin may continue to move higher as the bulls target the double top level at $0.000015. Then return to a bearish trend.