Despite not getting much attention in terms of price movements during Bitcoin’s recent bull run, the Shiba Inu-inspired cryptocurrency (SHIB) has managed to gain 8.18% over the past week as Bitcoin reclaimed the $69,000 mark on Friday. Analysts have predicted further upside potential for the meme coin.
Analyst Predicts 200% Gain for Shiba Inu
Cryptocurrency analyst MMBTtrader seems quite bullish on Shiba Inu’s future prospects as he expects a 200% increase to $0.000038. As he says, SHIB has recorded a 75% increase from the $0.000011 support level on the price chart. The altcoin actually recovered from the demand zone in early August and September, accelerating and stabilizing at $0.000019.
For SHIB, MMBTtrader predicts that it will not simply consolidate at $0.00003852. In fact, he expects a higher highs and higher lows pattern, where the initial rally to the May high of $0.000028 is then corrected to the September high of $0.000021. In the event that those levels hold, the meme coin could pull back to its target of $0.00003852.
Contrarian View: SwallowPremium's Pessimistic Outlook
MMBTtrader remains bullish on Shiba Inu, but SwallowPremium is a bit more conservative. He says the cryptocurrency will continue to rise until it reaches $0.0000216, and then correct 35% to $0.000014075. His analysis suggests that a correction to $0.0000195 would trigger a bearish trend, which could be a good time to open a short position.
However, Premium also warns that if SHIB breaks above the $0.0000216 price level, the bearish outlook could be invalidated, sending the price much higher than recorded.
Shiba Inu Price Line
Shiba Inu is trading at $0.00001925, nearly 11% below the resistance at $0.0000216. Various predictions by market experts convey the divergence in sentiment on the trajectory of SHIB. MMBTtrader's forecast of a 100% increase is based on the fundamental belief in the continuation of the uptrend. SwallowPremium warns of a correction with a 'critical' view.
Shiba Inu’s future price action depends on breaking key resistance levels and sustaining the bullish momentum. As SHIB approaches key price points, traders will be on the lookout for signs of a breakout. The coming weeks will be crucial in determining whether it can rally further or face another rejection.
