Shiba Inu on the Verge of a 600% Rally? The analyst thinks
Shiba Inu, known as the “Dogecoin Killer,” is eagerly anticipating a major price jump. Market analyst Ashish has sparked excitement with a bold prediction: a 600% surge that could catapult the meme coin to an impressive $0.000075.
This bullish forecast comes after what Ashish describes as a nearly two-year slump within a consolidation pattern.
In December 2023, Shiba Inu finally broke free from this price purgatory, breaking a crucial resistance trend line. The breakout ignited a rally that culminated in a 370% rise, hitting a 2024 high of $0.000045 in early March.
However, the party was not destined to last. A correction occurred, prompting Ashish to establish strategic buy zones between $0.000022 and $0.000025.
Shiba Inu: enter the flag pattern
Ashish's crystal ball sees a bullish flag pattern emerging on the 1-hour chart, hinting at a possible "second bull leg." This technical indicator suggests a period of consolidation following a sharp price increase, which often acts as a precursor to another bullish move.
Despite the slight drop in prices today, Shiba Inu appears to have room to grow. The daily Relative Strength Index (RSI) currently stands at almost 48, indicating that the currency is neither overbought nor oversold. This neutral territory suggests potential for an upward move, aligning with Ashish's prediction of a second bullish leg.
SHIB Price Forecast
Meanwhile, CoinCodex's current Shiba Inu price prediction forecasts a 220% rise, potentially reaching $0.00008089 by June 24, 2024. CoinCodex's technical indicators are currently showing Neutral sentiment, while the Fear index and Greed stands at 76, indicating Extreme Greed.
