Shiba Inu (SHIB), a well-known memecoin, is anticipated to see a substantial price increase, according to crypto analyst MMBTtrader. The analyst predicts that the coin could experience a 100% rise, pushing its value to $0.0000379, a level last observed in early March.
Despite Bitcoin’s dominance in the current market, Shiba Inu has shown its positive trajectory, which suggests an even further upward movement.
Bitcoin’s recent price performance has drawn significant attention, overshadowing the progress made by other cryptocurrencies, including Shiba Inu. Bitcoin briefly reclaimed the $69,000 mark before slightly retreating to just above $68,000.
In the last week alone, Bitcoin has surged over 8%, outperforming most top-ranked digital assets. However, Dogecoin remains an exception, rising by over 25% during the same period.
Nevertheless, Shiba Inu has also held its ground. The token has appreciated 6.20% over the past seven days, even as Bitcoin’s market dominance grows. Despite Bitcoin’s overshadowing presence, Shiba Inu has shown resilience and maintained a steady uptrend.
Potential 100% Price Increase for Shiba Inu
MMBTtrader’s analysis on TradingView outlines a scenario in which Shiba Inu is poised for a 100% price increase, potentially reaching $0.0000379.
According to his evaluation, SHIB has already seen a 100% surge from a support level of $0.000011 on the daily chart. This price range was tested in August and September, after which the token bounced back from the demand zone.
Previously, the analyst projected a 200% increase from the support level, aiming for $0.00003852. At the time of press, SHIB has risen to $0.00001895, reflecting a 103% increase from the original support zone identified by MMBTtrader. Despite this significant rise, the analyst remains confident that Shiba Inu retains enough bullish momentum to continue climbing toward his price target.
However, MMBTtrader’s analysis indicates that this price movement is unlikely to be a straightforward ascent. His chart suggests that the climb to $0.00003852 will occur through a series of higher highs and lows.
Initially, he expects the price to reach $0.000028, followed by a correction to the $0.000021 level, before ultimately rising to the anticipated $0.0000379.
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Conflicting Predictions from Other Analysts
While MMBTtrader maintains a bullish outlook, other analysts have expressed differing views on Shiba Inu’s future price action. Analyst SwallowPremium, for instance, suggests that Shiba Inu may rise to $0.0000216, followed by a 35% correction, which could push the price down to $0.000014075.
SwallowPremium believes that if Shiba Inu is rejected at the $0.0000216 resistance level, a drop to $0.0000195 could follow, presenting an opportunity for short positions.
He further indicated that this is a crucial zone to watch, as it may confirm a downtrend. However, SwallowPremium also acknowledged that if the token exceeds the $0.0000216 resistance, it could pave the way for further gains.
This view aligns with another analyst, Jack, who suggested that Shiba Inu could reach $0.000027 if it successfully breaks through the $0.0000216 resistance. Jack noted that Shiba Inu failed to break this resistance level in late September, and the market is currently awaiting the token’s next move.
At the time of writing, Shiba Inu trades at approximately $0.00001895, about 12% below the $0.0000216 resistance level identified by both SwallowPremium and Jack.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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