As a seasoned crypto investor with a knack for deciphering market trends and understanding the nuances of meme coins, I find myself intrigued by the Shiba Inu (SHIB) situation. Krao’s prediction of a potential 7,350% surge is indeed enticing, but as someone who’s been around the block a few times, I remain cautiously optimistic.
Shiba Inu (SHIB) could potentially be gaining momentum towards a significant surge, according to TradingView analyst Krao’s prediction. He anticipates a staggering 7,350% growth, implying that SHIB might reach $0.001 in the coming months, marking a notable jump from its current value.
Although CoinCodex’s prediction for Shiba Inu’s price hike by October 13, 2024 seems quite daring, it anticipates a moderate increase of approximately 5.68%, which translates to about $0.00001337 per coin.
Following its peak at $0.00008854 in October 2021, Shiba Inu (SHIB) has experienced a prolonged decline. However, Krao remains optimistic as the meme coin’s trajectory is being controlled by a descending trendline.
According to his assessment, it’s possible that the significant trendline could initiate a breakout as soon as January or February 2025. This potential breakout might lead SHIB to reach $0.001. However, given the persistent negative market sentiment and SHIB being confined within a tight price range of $0.000005 to $0.00003, the future remains uncertain and unpredictable.
Technical Hurdles Ahead
As an analyst, I find myself intrigued by Krao’s long-term projection, but I must acknowledge some near-term challenges based on the technical indicators. At present, Shiba Inu’s price appears to be trapped within a symmetrical triangle on the daily chart, a pattern that typically precedes a breakout in either direction. However, at this moment, it remains uncertain whether SHIB will surge or dip once it breaks free from this formation.
At the moment, the token’s value is approximately 0.00001337 USD, and it needs to surpass the resistance at 0.00001562 USD for any upward trend to become noticeable. If this doesn’t happen, SHIB might drop towards its potential support levels of 0.00001154 USD or even 0.00001028 USD.
Currently, the Relative Strength Index (RSI) on the monthly chart hovers near the neutral level, showing no clear indication of overbought or oversold conditions. While this suggests potential for price movement, the prevailing bearish market sentiment could lead to a different outcome altogether. As such, investors should stay alert for signs of increased volatility, as SHIB‘s technical configuration could potentially trend in either direction in the short term.
Shibarium Growth Sparks Optimism
On a positive note, the Shiba Inu system is expanding at a steady pace. For example, its Layer 2 blockchain, Shibarium, is approaching another significant achievement. As per Shibariumscan, on September 5, there were 34 smart contracts deployed, which is almost reaching the three-month peak of 36 set in July.
Shibarium and Shiba Eternity Update
Shibarium approached a 3-month high in deployed contracts, showing strong developer activity.
Shiba Eternity Build Update Highlights:
Tournaments: Introducing new ranking systems and incentives.
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 9, 2024
Information was shared by our marketing head, Lucie, focusing on the extraordinary expansion experienced by Shibarium and the achievements made in Web3 gaming through the Shiba Eternity initiative.
This growth of the expansion underscores the team’s dedication to constructing more than just the value represented by the token. As Shibarium evolves, it fortifies the ecosystem by serving as a solid foundation for future blockchain advancements. While it’s challenging to predict if its price will rise and fall, Shiba Inu does possess some robust technology that could potentially benefit it in the long run.
Shiba Inu: Bearish Forecast
As a crypto investor, I’ve been closely watching Shibarium’s progress, and while it’s showing promise, my short-term outlook for SHIB remains unclear. According to CoinCodex, the price is projected to dip slightly by October 2024. This forecast aligns with the Fear & Greed Index score of 32, which indicates a prevailing sense of fear in the market.
Read More
Sorry. No data so far.
2024-09-13 16:16