As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull runs and bear markets. The recent surge of Shiba Inu (SHIB) has certainly caught my attention, especially considering its under-the-radar status during Bitcoin’s bull run.
Although flying under the radar concerning price movements during Bitcoin’s recent bull run, the dog-themed cryptocurrency Shiba Inu (SHIB) was able to appreciate 8.18% in the last week while Bitcoin reclaimed the $69,000 mark on Friday. Analysts have already predicted further upward potential for this meme coin.
Analyst Predicts 200% Surge For Shiba Inu
According to cryptocurrency expert MMBTtrader, Shiba Inu appears to have a promising future, with predictions of a potential 200% rise to approximately $0.000038. He notes that the SHIB coin has already seen a significant increase of 75% from its support level of $0.000011 on the price chart. This digital currency experienced a surge in August and September, gaining momentum and currently sits at $0.000019 after rallying from a demand zone earlier this year.
As a researcher delving into SHIB’s price movements, I’m not just anticipating a consolidation to $0.00003852, but rather a more dynamic pattern. Specifically, I foresee the occurrence of higher highs and higher lows. This means that the initial surge towards May’s highs at $0.000028 might be followed by a correction to September’s highs at $0.000021. If these levels manage to hold, it’s plausible that the meme coin could potentially retract back towards the predicted $0.00003852.
Conflicting Views: Bearish Outlook From SwallowPremium
MMBTtrader still remains bullish about Shiba Inu, but SwallowPremium, on the other hand, is a little more conservative. He says that the cryptocurrency would continue to go up until it hits $0.0000216, and then correct 35% down to $0.000014075. His analysis reads that the downtrend would be triggered by a correction down to $0.0000195, which may be a good time to open a short position.
On the contrary, Premium points out that if Shiba Inu (SHIB) surpasses the price point of $0.0000216, there’s a chance that the bearish forecast could be disproven, potentially driving the price to new heights beyond its current levels.
Shiba Inu’s Price Path Forward
The price of Shiba Inu currently stands at approximately $0.00001925, which is nearly 11% shy of the resistance level at $0.0000216. There’s a split in opinions among market analysts regarding the future direction of SHIB. MMBTtrader, however, expresses optimism and forecasts a potential 100% surge, built on faith that an uptrend will continue. SwallowPremium, on the other hand, raises a word of caution with a more skeptical view towards possible corrections.
The upcoming behavior of Shiba Inu’s price hinges on surpassing important resistance thresholds and sustaining its upward trend. As SHIB approaches significant value levels, investors will keep an eye out for indications of a breakout. The next few weeks will be pivotal in deciding whether it can continue to climb or encounter another setback.
Read More
Sorry. No data so far.
2024-10-21 03:04