21 October 2024
Although flying under the radar concerning price movements during Bitcoin’s recent bull run, the dog-themed cryptocurrency Shiba Inu (SHIB) was able to appreciate 8.18% in the last week while Bitcoin reclaimed the $69,000 mark on Friday. Analysts have already predicted further upward potential for this meme coin.
Analyst Predicts 200% Surge For Shiba Inu
Crypto analyst MMBTtrader seems rather positive about the future prospects of Shiba Inu as he expects a 200% increase to $0.000038. As he says, the SHIB had already registered a 75% gain from the $0.000011 support level within the price chart. The altcoin had indeed rallied from the demand zone in the early periods of August and September, accelerated its pace, and settled at $0.000019.
For SHIB, MMBTtrader predicts that it will not just consolidate to $0.00003852. As a matter of fact, he expects the higher highs and higher lows pattern where the initial push to May’s highs at $0.000028 will then be corrected to September’s highs at $0.000021. In case those levels hold, the meme coin could pull to the targeted $0.00003852.
Conflicting Views: Bearish Outlook From SwallowPremium
MMBTtrader still remains bullish about Shiba Inu, but SwallowPremium, on the other hand, is a little more conservative. He says that the cryptocurrency would continue to go up until it hits $0.0000216, and then correct 35% down to $0.000014075. His analysis reads that the downtrend would be triggered by a correction down to $0.0000195, which may be a good time to open a short position.
However, Premium also cautions that if SHIB breaks over the price of $0.0000216, a bearish outlook could be invalidated, sending the price much higher than what it has already recorded.
Shiba Inu’s Price Path Forward
Shiba Inu trades at $0.00001925, close to 11% below the level of $0.0000216 resistance. Various predictions made by market experts convey a divergence of sentiment on SHIB trajectory. MMBTtrader projection for a possible 100% increase is based on an underlying conviction for perpetuation of an upward trend. SwallowPremium sounds a note of caution with a ‘critic’ view of correcting it.
Shiba Inu’s future price action depends on breaking key resistance levels and maintaining momentum. As SHIB nears crucial price points, traders will watch for breakout signs. The coming weeks will be critical in determining whether it can rise further or face another rejection.
Featured image from Pexels, chart from TradingView