Shiba Inu (SHIB) Price Prediction: Will SHIB Bounce Back and Retest Its Highest Level This Week?

Shiba Inu (SHIB), the second-biggest meme coin in crypto, was trading at $0.000024 on Friday, Nov. 15, as most coins dropped.

The price of Shiba Inu (CRYPTO: SHIB) dropped over 20% from its highest level this week as the recent crypto bull run showed signs of slowing down.

On Friday, SHIB, the second-biggest meme coin in crypto, was trading at $0.000024, as most coins showed a decline.

Bitcoin (CRYPTO: BTC) remained below $90,000 as the recent bull run stalled.

However, there are indicators that suggest a possible rebound in SHIB price, which could even lead it to retest its highest price this week at $0.00003045.

For instance, data from Shibburn showed a 115% increase in the Shiba Inu burn rate over the last 24 hours.

Over 16.1 million coins were burned, bringing the total to 410 trillion since the coin’s inception. At the time of writing, the circulating supply stood at 583 trillion tokens.

When cryptocurrencies are transferred to an inaccessible address, reducing the number of coins in circulation, the process is called a token burn.

Another factor that could positively impact Shiba Inu price is the increase in the number of total addresses in Shibarium, which recently crossed 1.89 million.

If the trend continues to rise, these addresses could reach 2 million in the coming months.

Meanwhile, the number of transactions completed in Shibarium also rose to over 509 million in the past few months.

The performance is significant because Shibarium is Shiba Inu’s layer-2 blockchain network. Some of the BONE tokens collected in fees are used to burn SHIB.

Crypto analysts are optimistic about SHIB price, with several expressing their bullish outlook.

In an X post, one popular analyst, SHIB Bezos, highlighted the coin’s tendency to go parabolic, then consolidate and bounce back again.

Bezos anticipates that the next parabolic move will propel SHIB to a record high.

$SHIB is repeating history, and you know what that means…The parabolic phase is coming! 📈Are you ready for some gains? 🚀 #SHIB #Crypto pic.twitter.com/C0rNQ2faL4

The daily chart below further illustrates the bullish case.

Shiba Inu has now formed a golden cross, where the 50-day and 200-day moving averages intersect to form a golden cross pattern. In most periods, this pattern tends to lead to further gains.

Additionally, SHIB has formed a cup and handle pattern, with the current retreat forming part of the handle section. In most periods, this pattern tends to lead to a strong bullish breakout.

In this case, a rise above the upper side of the cup pattern will confirm further upside, potentially leading to the year-to-date high of $0.000045, which is about 90% above the current level.