Shiba Inu rallied nearly 25% during the weekend but failed to carry on its momentum on Monday. SHIB reached a high of $0.00001421 this week but faced resistance at these levels before dropping in price. The token is repeatedly being rejected at $0.00014 and is unable to climb above its resistance levels. The development keeps SHIB on the back foot this month if it fails to break the price hurdles. Therefore, the price prediction for Shiba Inu in November 2022 might not be on the brighter side.
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Shiba Inu Price Prediction: November 2022
Pseudonymous crypto analyst Altcoin Sherpa predicted that if Shiba Inu doesn’t break the $0.00014 barrier, its price could tread on dangerous waters. He predicted to his 186,000 followers on Twitter that Dogecoin is better poised to rally in November 2022 than SHIB.
“SHIB: Lagging to DOGE right now. This current 200-day exponential moving average is acting as resistance and price is pulling back. I’d like to see acceptance above $0.00014 before calling for higher [prices],” he tweeted.
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He predicted that Shiba Inu might catch up to Dogecoin, but might not go as high as Doge in volatility. “SHIB: My levels, I think that this one could catch up but DOGE is definitely the leader in terms of meme coins. Would aim to bid a little lower personally,” he said.
However, Altcoin Sherpa believes that Shiba Inu is among the top five tokens that could be volatile in November 2022. He suggested active traders keep an eye on Dogecoin and Shiba Inu and jump on them when the volatility begins.
“If you are an active trader, you need to go where the volatility and liquidity is at. Don’t buy stagnant coins like ZIL or old coins like that. Buy coins that have a bid and are moving big time. Coins like this the last few days are: DOGE, SHIB, INJ, OP, SUSHI, and several others,” he said.
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In conclusion, for Shiba Inu to rally in November 2022, the token needs to breach the $0.00001420 mark.
At press time, Shiba Inu was trading at $0.00001224 and is down 3.5% in the 24 hours day trade. The dog-themed token is also down 85.8%, from its all time high of $0.00008616, which it reached in October 2021.