Shiba Inu Price Predicted to Surge by Over 335%: Analysts
Shiba Inu (SHIB) has been making waves in the cryptocurrency market, with analysts predicting a potential surge of over 335%. This bullish forecast is driven by a breakout from a bullish flag pattern and strong relative strength index (RSI) indicators.
The price action of Shiba Inu has shown similarities to earlier bullish patterns seen in January, where a breakout led to an impressive 406% increase in price. These similarities have many investors and analysts optimistic about the future growth potential of SHIB.
Shiba Inu Price Movement Update
Recent market movements saw Shiba Inu's price gaining over 6% on Friday, following a brief 5% drop the day before due to unfavorable macroeconomic conditions impacting the entire cryptocurrency market. During this time, SHIB dipped to $0.000016 while Bitcoin momentarily fell below the $60,000 mark.
While this drop raised concerns among Shiba Inu investors, the subsequent bounce back and emerging technical patterns have reignited hopes for a significant price surge of over 335%, according to a report by CNF.
Shiba Inu Price Forecast: Bullish Trend Continues
Analysis suggests that Shiba Inu’s price could potentially surge by 400% to reach $0.000074. This projection is based on a breakout from a bullish flag formation on the SHIBUSD 5-day chart that has been evolving since March 2024. The pattern emerged after SHIB hit a yearly high of $0.000045.
Following a surge on September 28, which pushed SHIB to $0.00002169, the price defied the flag pattern, hinting at a potential uptrend. This uptrend seems to be unfolding currently, aligning with the bullish outlook.
Notably, the relative strength index (RSI) for SHIB on the 5-day chart is at 57.4, indicating a continuation of upward momentum. This divergence between price and RSI signals a bullish trend and hints at further price gains for Shiba Inu. The positive sentiment in the market is also fueled by Shiba Inu executives reinforcing the token's long-term potential.
Furthermore, a reversal in trend that goes against the bearish sentiment indicates a shift in market sentiment, favorable for SHIB’s price trajectory.
SHIB Price Action and Analyst Predictions
The current price action for Shiba Inu resembles a pattern observed earlier in January, where a breakout from a bullish flag formation led to a remarkable 406% price increase. Analysts foresee a potential repetition of this pattern, with expectations for SHIB to rise over 335% to reach $0.000074.
Currently trading at approximately $0.00001764, SHIB has surged by 6.27%. Analyst Alan Santana predicts that SHIB will hit $0.00007 soon, emphasizing a strong accumulation phase for the meme token, typically preceding upward price movement. Similarly, crypto expert Javon Marks anticipates SHIB surpassing the $0.000074 mark and potentially reaching $0.00008, referencing a breakout from a falling wedge pattern developed since March.
In the short term, short liquidations in SHIB are likely to drive price gains as traders buy back their positions to minimize losses amidst the surge. Coinglass data shows SHIB short liquidations at $334,260 and long liquidations at $283,340, indicating potential impacts on price movements.
Stay tuned for more updates on the Shiba Inu price surge and the latest developments in the cryptocurrency market!
