Analysts Divide On SHIB Reaching $0.001

The cryptocurrency community is witnessing divided opinions among analysts, regarding Shiba Inu’s price prospects. The token currently trading at 0.00001335 has been exhibiting minimal movement with only a 1.30% increase over the past month.

Since its significant surge of over 350% in March, the token has been trading sideways. This performance has left investors waiting for a potential rally, while some analysts believe the token may not be able to remove any additional zeros from its price by 2025.

Several analysts have shared their views on the asset’s long-term prospects, with some doubting the likelihood of significant price growth. One investor, E Obez, expressed skepticism about the token reaching $0.001, even if Bitcoin climbs as high as $90,000 by 2025.

Although Obez did not offer a detailed explanation for his prediction, he compared the digital asset’s performance potential to other established cryptocurrencies. Obez noted that while he expects Ethereum (ETH) to surpass $5,500 by January 2025 in response to Bitcoin’s rise, meme tokens such as Shiba Inu and PEPE would experience limited growth.

Opinions on Growth Potential

Contrary to the more conservative outlook, other market watchers are optimistic about the token’s future. Crypto analyst LuckSide, for instance, predicted that SHIB could achieve the $0.001 target, citing an increase in whale activity and robust on-chain metrics.

LuckSide highlighted recent data pointing to heightened interest from large holders, including the movement of over 3 trillion SHIB tokens within just two days. Additionally, the withdrawal of $4 million worth of SHIB from exchanges has been interpreted as a sign of strong demand, which may push the token towards higher price levels.

Analysts Agree on Potential for Significant Rally

Some analysts share LuckSide’s optimism, with some forecasting a sharp price rally for the token. Krao, an analyst on TradingView, has projected that SHIB could break out from a descending trendline that has constrained its growth since 2021 and bring the token closer to the $0.001 mark.

Similarly, Armando Pantoja, a member of Benzinga’s crypto advisory board, believes that the asset could see a significant price increase. Pantoja expects the token to achieve a 72X gain, which would also bring it to the $0.001 target. In August, Pantoja pointed to a bullish Relative Strength Index (RSI) divergence, indicating that it had entered a favorable buying zone.

Pantoja’s forecast is further supported by the anticipated Bitcoin halving event, which he believes could trigger a broader market rally.

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.