Shiba Inu (SHIB), the second-largest meme coin by market capitalization, could be on the verge of a significant price rally, with one leading analyst predicting a potential 400% surge.
According to this projection, SHIB may rise to $0.000074, driven by promising technical patterns and market trends.
In recent weeks, Shiba Inu has shown some positive movement, with its price increasing to $0.00001834 after touching the $0.000016 range earlier.
Although this upward momentum has been modest compared to other meme tokens, market experts believe SHIB is setting up for a substantial rally.
A TradingView analyst recently recommended that traders consider opening long positions in Shiba Inu, suggesting that the current market conditions are favorable.
The analyst acknowledged the challenges faced by long-term holders, noting that SHIB has declined by 75% since March. However, despite this downturn, several indicators now signal potential bullishness.
The TradingView analyst pointed out key factors contributing to optimism surrounding Shiba Inu. Among these are the coin’s recent price action, the breakout of the Relative Strength Index (RSI) resistance, and emerging trend reversals.
The formation of higher highs, coupled with the development of a flag breakout pattern, has bolstered confidence in a potential upward move.
One of the most compelling forecasts suggests that SHIB could experience an impressive 400% increase, pushing its value to $0.000074.
This would mirror the pattern seen earlier in the year when Shiba Inu’s price surged from $0.000010 in February to a peak of $0.000045 in March. During the period the coin saw a fourfold increase, reaching a three-year high.
The recent price action in late September has also encouraged investors. After a prolonged downtrend, Shiba Inu recorded a nearly 50% increase in value over two days, reviving interest in the meme coin. Although the coin has seen a mild correction since then, market analysts predict this could be a prelude to a second phase.
Despite the bullish outlook, some analysts warn that SHIB will overcome key resistance levels before realizing its full potential.
Market watcher Klejdi Cuni analyzed TradingView, identifying critical resistance points that Shiba Inu must surpass.
The immediate resistance level, which SHIB has already approached $0.00001865.
As of the latest data, the token briefly touched $0.00001893, establishing an intraday high and positioning itself to retest the $0.000019 range.
However, further resistance awaits at $0.00001969 and $0.00002094, which could pose significant challenges in the short term.
Cuni pointed out that Shiba Inu has successfully cleared similar obstacles. Last month, for instance, the digital asset surged from a low of $0.00001494 on September 26 to an impressive $0.00002146 within 24 hours.
This rapid price movement demonstrated SHIB’s ability to break through major resistance levels when a bullish rally is in full swing.
Over the past 30 days, Shiba Inu has gained 30%, rising from a low of $0.000013 in September. The recent surge, though modest compared to earlier highs, signals a potential shift in market sentiment.
Shiba Inu’s price growth in late September was particularly noteworthy, as it marked the end of a prolonged bearish phase and suggested the start of a new bullish cycle.
Looking forward, market analysts are optimistic that Shiba Inu could see another strong upward move, especially if it successfully breaks through its current resistance levels.
While the possibility of further price corrections exists, the broader market conditions and technical indicators appear favorable for SHIB.
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.
Follow us on Twitter, Facebook, Telegram, and Google News
The raging appeal recently signaled by the U.S. Securities and Exchange Commission (SEC) continues to…
The path of Ripple (XRP) toward the $30 mark has been followed by many analysts…
Cryptocurrency is well-known to be one of the most lucrative asset classes, and with the…
Amelie (@_Crypto_Barbie), a well-known figure in the XRP community, recently shared a notable post featuring…
Ripple, a prominent player in the world of digital finance, has launched a large-scale advertising…
In a significant development for the expansion of the cryptocurrency market, Grayscale Investments has initiated…