3 January 2024
Through the rips and dips of the crypto market, the Shiba Inu price has been able to maintain a rather consistent bullish momentum, something that cannot be said for a lot of cryptocurrencies. Given this sustained bullish sentiment, the meme coin is primed to be one of the assets to see a massive rally as the market inches toward another bear market. In the short term alone, pseudonymous crypto analyst MMBTtrader is predicting that the price will mount a 2x rally.
Shiba Inu Price Ready To Rise 100%
In a recent analysis, crypto analyst MMBTtrader reveals why they believe that the Shiba Inu price is set to double. As the chart shows, there has been a steady uptrend in the Shiba Inu price over the last few months, and even when the uptrend seemed to have come to an end, the SHIB price maintained a relatively high price compared to its October lows.
This outperformance has continued into the new year as SHIB was able to still maintain the $0.00001 level despite dips rocking the crypto market. This suggests that bulls have been able to successfully turn $0.00001 into support. In this scenario, it could easily become a launchpad for the price.
The crypto analyst’s prediction suggests that it could begin to range at its current price. However, once this ranging ends and accumulation is complete, this is where the real fun begins for the SHIB price when the rally is expected to begin.
A bounce from here would see SHIB easily clear the $0.000014 level with no hassle. However, the first roadblock lies just above here. In the event that Shiba Inu is quickly able to surmount the resistance at $0.0000143, another pump is expected that could lead up to $0.000018.
Since there is no such thing as a single continuous upward movement, resistance is expected just below $0.000018. Nevertheless, this is the last resistance and if Shiba Inu climbs above this level, then it is expected to shoot above $0.00002, completing a 100% move from its current price.
SHIB Sways Amid Market Uncertainty
In the weeks leading up to January, confidence around the potential approval of a Spot Bitcoin ETF was at an all-time high, with experts giving it a 95% chance of approval. However, this sentiment has begun to sway especially as BlackRock revealed it will be delaying its $10 million BTC purchase.
As a result, the price of cryptocurrencies across the space declined rapidly and the Shiba Inu price was not left out. SHIB finally lost its footing at $0.00001 for the first time in over two weeks, falling to the $0.000009 region once again.
However, this is not out of the ordinary and could lead to the SHIB ranging and accumulation that the crypto analyst outlines. In such a case, this could present a setup for a bigger price rally as expectations for a bull market grow high.