Shiba Inu (SHIB) Analysis: Why Experts Are Targeting a 180% Rise
The popular dog-themed cryptocurrency, Shiba Inu (CRYPTO:SHIB), surged sharply on Wednesday amid a widespread market rally.
What Happened
The second largest meme cryptocurrency by market capitalization rose more than 7% over the last 24 hours, outperforming its older sibling, Dogecoin (CRYPTO:DOGE).
The rally came after Bitcoin regained the $100,000 level, triggering the widespread market surge.
Analyst JAVON MARKS predicted a significant upward move for SHIB, with a target of $0.000081.
"With this target of $0.000081 still in play, we could soon witness a rise of more than 180%, and it may have already started to take effect as we speak," commented the analyst.
The readings of moving averages also supported the bullish potential of the cryptocurrency. Almost all of SHIB's exponential and simple moving averages showed a 'buy' signal, according to TradingView.
The Bull Bear Power indicator, used to measure the strength of buyers and sellers in the market, also showed a 'buy' signal.
However, the balance maintained by long-term investors in SHIB decreased by 0.08% in the last 24 hours, according to IntoTheBlock data. This suggests that the predominant activity in the market was selling rather than long-term accumulation (HODLing).
Derivatives operators have also increased their bearish bets, with a ratio of shorts to total speculative bets that has skyrocketed, according to Coinglass data.
Shiba Inu Price Movement
At the time of publication, SHIB was trading at $0.00002914, representing a 7.51% increase in the last 24 hours, according to Benzinga Pro data.