According to ShibDaily, a major crypto analyst has predicted a significant price increase for Shiba Inu (SHIB), suggesting it could rise to $0.00003630. The analyst, Carl Runefelt, known on X as @TheMoonCarl, bases his prediction on SHIB's current consolidation within a descending wedge pattern, a technical formation often seen as a bullish reversal signal. This pattern indicates that the downward pressure on SHIB may soon ease, potentially leading to a substantial price surge.
Runefelt highlights that a breakout above the wedge's upper resistance line could propel SHIB towards his target, representing an approximate 42% increase from its current levels. He notes that the wedge's upper boundary is a critical resistance level, and a decisive break above this line would signal bullish momentum. However, he also points out that trading volume remains relatively low, suggesting that a catalyst is needed to trigger a sustained rally. Achieving the projected target would bring SHIB back to price levels seen earlier this year, indicating renewed investor interest.
Despite the optimistic outlook, the analyst cautions that Shiba Inu's history is marked by significant volatility, with the token experiencing both intense community-driven rallies and periods of market stagnation. The cryptocurrency market remains highly volatile, and factors such as macroeconomic conditions, regulatory developments, and changing investor sentiment could impact SHIB's price, potentially hindering any upward momentum. While the technical analysis is compelling, it is essential to remember that such analyses do not guarantee future performance.
As of 4:15 a.m. ET on Tuesday, Shiba Inu was trading at $0.00002528, reflecting a nuanced shift in its recent performance. Over the past 24 hours, SHIB's trading volume increased by 5.59% to $1.31 billion, indicating heightened market activity despite a 0.29% price dip during the same period. Analyzing its broader price trajectory, SHIB has experienced a 12.67% decline over the past week, indicative of short-term bearish pressure, while maintaining a 34.06% surge over the past month, hinting at renewed investor interest following earlier lows.
Data from CoinMarketCap shows SHIB's circulating supply at 589.26 trillion tokens, with a market capitalization of $14.78 billion, positioning it as a significant asset in the crypto space. Community sentiment, as tracked by CoinMarketCap, reveals a strong bullish sentiment, with 89% of users optimistic about SHIB's prospects compared to 11% bearish. This disparity highlights robust optimism among the Shiba Inu community, even as the token faces short-term market volatility.
