Recent market activity has led to renewed optimism in the cryptocurrency market, with Shiba Inu gaining attention due to significant price predictions.
Crypto Sheriff, a well-known market analyst, has forecasted a potential price surge for Shiba Inu, identifying three key targets, the most ambitious of which involves an over 5,000% increase from its current price.
The broader cryptocurrency market has seen bullish momentum over the past week, with Bitcoin rising by 10%. This surge has reinforced Bitcoin’s dominance, which now exceeds 55%. The impact of Bitcoin’s price increase has extended to altcoins, including Shiba Inu (SHIB), which has seen a 6% rise in value. As of this week, SHIB is trading at approximately $0.00001823.
Amid this favorable market environment, Crypto Sheriff has predicted that Shiba Inu could reach three specific price targets, driven by recent market trends. His analysis is based on a breakout observed in Shiba Inu’s price movement on the 4-hour chart.
On October 15, Crypto Sheriff shared his observation of an uptrend in Shiba Inu’s price following a breakout. He attributed this movement to Shiba Inu breaking out of a descending triangle pattern that had formed since its September 27 high of $0.00002169. According to the analyst, this breakout signals the possibility of further price gains for the asset.
In a follow-up post on October 16, Crypto Sheriff revealed his three price targets for Shiba Inu. The first target is a retest of the triangle’s peak at $0.00002, which would represent an over 8% increase from its current level. Following this, he predicts a much larger surge to $0.0002, which would require a 900% rise from the first target or a 994% increase from the current price.
The third and most ambitious target put forward by Crypto Sheriff is $0.001, which would involve an over 5,000% increase from the current price of $0.00001823. If achieved, this would mark a significant milestone for Shiba Inu and align with predictions made by several other analysts.
Crypto Sheriff is not the only analyst predicting a dramatic rise for Shiba Inu. Several other market observers have made similar forecasts. Analyst LuckSide, for example, has also projected that SHIB could reach the $0.001 price mark, indicating confidence in a potential bullish push.
Another analyst, Krao, has expressed the same expectation, citing a breakout from a long-term descending trendline as a key driver for the price increase. Krao has suggested that Shiba Inu could reach $0.001 by the first quarter of 2025.
A separate report highlighted these forecasts and pointed to various factors that could support Shiba Inu’s significant price growth. Among the key drivers are a potential reduction in Shiba Inu’s circulating supply and increased investor interest, possibly triggered by the introduction of a spot exchange-traded fund (ETF) focused on SHIB.
Despite the optimistic forecasts, Shiba Inu faces significant resistance at key price levels, which could delay the anticipated price growth. Shib Knight, another prominent analyst, has identified the $0.0000187 region as a critical sell zone, suggesting that this area could act as a barrier to further price increases.
In his analysis, Shib Knight emphasized that a sustained break above this resistance level is necessary for Shiba Inu to continue its upward momentum. Other analysts have confirmed the presence of resistance at this level, with additional hurdles at $0.00001865, $0.00001969, and $0.00002094.
Until Shiba Inu overcomes these obstacles, the ambitious price targets of $0.0002 and $0.001 may remain out of reach in the short term. However, the general consensus among analysts is that if the asset can break through these resistance points, its price could experience significant gains in the future.
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.
As surprises keep coming in the crypto world, Binance has stopped allowing deposits and withdrawals…
Stellar's announcement at the Meridian 2024 event in London marks a significant development in its…
Wietse Wind, founder of the XRPL Labs development team, has proposed a significant reduction in…
Investing in the floor price of high-ceiling altcoins is one of the best ways to…
In a market often filled with fantasies and meme coins, Rexas Finance (RXS) provides a…
James K Filan, a prominent attorney, has shared the U.S. Security and Exchange Commission’s (SEC)…