Shiba Inu (SHIB), a dog-themed cryptocurrency, has gained 8.18% over the past week as Bitcoin re-reached $69,000 on Friday. Analysts predict the meme coin’s price will continue to rise.
Analysts predict 200% growth for Shiba Inu
According to cryptocurrency expert MMBTtrader, Shiba Inu could rise another 200% and reach $0.000038. He said SHIB has rallied 75% from the $0.000011 support level. During early August and September, SHIB recovered from the demand zone, accelerated, and stabilized at around $0.000019.
SHIB is expected to consolidate above $0.00003852. The analyst predicts that the higher highs and higher lows pattern will help correct the initial rally from the May high of $0.000028 to the September high of $0.000021. If these levels hold, SHIB could rise to $0.00003852.
Contrarian View: Cautious Outlook from SwallowPremium
While MMBTtrader is bullish on Shiba Inu’s prospects, SwallowPremium is more cautious. He predicts SHIB will rise to $0.0000216 before falling 35% to $0.000014075. SwallowPremium’s research suggests that if SHIB falls below $0.0000195, a downtrend will begin, making it an opportunity for short positions.
SwallowPremium warns that if SHIB breaks above $0.0000216, the bearish view will be invalidated, and the price could move significantly higher.
Price Line Up for Shiba Inu
Shiba Inu is currently trading at $0.00001925, about 11% lower than the $0.0000216 threshold. Market experts have different forecasts for the SHIB price path. While MMBTtrader believes in the bullish trend and expects a 100% increase, SwallowPremium warns with a cautious analysis approach.
Breaking through key resistance levels and sustaining the bullish momentum will determine the next price movement of Shiba Inu. As SHIB approaches key price zones, traders will look for signs of a breakout. The coming weeks will determine whether SHIB can continue to rise or be rejected once again.
