Shiba Inu (SHIB) has been a subject of great interest in the crypto community, particularly in its performance in October. Over time, SHIB has grappled with a critical psychological barrier at the $0.00008 price level. This resistance has proven quite formidable, repeatedly halting its attempts to surpass it.
SHIB Price Poised For Massive Rally in October?
As October nears, the market may open its doors to more bull rallies. The data provided by the CryptoRank transpires this. Experts say historical data never lies, and deep down, there is an exciting trend for Shiba Inu (SHIB) that worked for the coin in the past. Previous parameters have seen notable price movements for SHIB and the broader crypto market in October. In October 2021, SHIB surged an astonishing 822%, reaching an all-time high of $0.00008845.
Even in October 2022, it gained 10.4% despite a slight dip the previous month. For those speculating on Shiba Inu’s potential price pump, it’s worth noting that if the cryptocurrency follows its average October increase of 422% from its current price of $0.00000735, it could reach a price point of $0.00003101. Since the coin had failed multiple attempts to break out of the consolidated range, the breakout happened for a very short period, following which the bears pulled back again, resulting in the coin trading sideways.
However, it’s crucial to remember that past performance doesn’t guarantee future results, especially in the unpredictable crypto world. So, while these projections are intriguing, it’s wise to be cautious and not rely solely on them for investment decisions. Always be mindful of potential risks.
So, what developments are Pumping this Huge Rally?
Notably, a long-dormant Shiba Inu ($SHIB) whale recently became active after a year. This came to light when Shiba Inu ($SHIB) expressed plans to renounce the $BONE smart contract. Renouncing $BONE is essential for potential listing on major exchanges, and the community is urging the Shiba Inu team to take this step.
Another significant event is that HSBC added it to its payment system with XRP. On-chain Shiba Inu activity is also raising investor interest. After Shibaruim tethered Shiba’s adoption hype, ShibariumID’s domain name service will launch in late October. It will be interesting to see if this digital authentication system can cause a Shiba Inu token price boom or if it will be a nosedive fall.
Over the past two weeks, Shiba Inu has traded in a descending wedge between $0.000000712 and $0.00000742, suggesting extensive price activity.