While the larger crypto market is showing signs of a recovery, Shiba Inu (SHIB) continues to struggle. The popular memecoin faces substantial resistance at the $0.0000086 price level. According to CoinGecko data, as of Nov. 27, SHIB’s price has risen 0.1% in the last 24 hours, but is down 1.3% in the last week, 12.1% in the 14-day charts, 17.2% over the previous month, and 65.4% since November 2024. Let’s discuss how high Shiba Inu (SHIB) can go if we enter another bull run in December of this year.
How High Can Shiba Inu Go If We Enter A Bull Run In December?
Shiba Inu (SHIB) may be having a delayed reaction to the ongoing crypto market recovery. Bitcoin (BTC) has reclaimed the $91,000 mark and is inching closer to hitting $92,000. BTC’s reversal will likely lead to other crypto assets following suit.
The recent market surge could be due to increased chances of another interest rate cut in December of this year. Shiba Inu (SHIB) and other cryptocurrencies faced a massive price dip over the last month due to macroeconomic uncertainties. Many thought that the Federal Reserve may not roll out another interest rate cut in 2025. However, the chances of an additional 25 basis point interest rate cut have significantly increased over the last few days. According to the CME FedWatch tool, there is an 85.1% chance of another 25 basis point interest rate cut next month, as of Nov. 27.
If the Federal Reserve cuts rates once again, the crypto market may experience a massive surge in prices. Shiba Inu (SHIB) could see a bullish reversal under such conditions. The popular coin could even reclaim its December 2024 price of $0.00003284. Hitting $0.00003284 from current price levels will translate to a rally of about 283.15%.
Also Read: Shiba Inu Bounce: 1.36 Trillion SHIB Signals Bullish Shift
However, the market is still quite volatile. Macroeconomic conditions could deteriorate, and the crypto market could face further liquidations. Shiba Inu’s (SHIB) price could tank to the $0.000006 level under such circumstances.