While not as popular as Bitcoin, the Shiba Inu cryptocurrency (SHIB) has gained 8.18% over the past week as Bitcoin hit $69,000. Analysts see growth potential for SHIB.
Shiba Inu Forecast Up 200%
Analyst MMBTtrader is optimistic that Shiba Inu could rise 200% to $0.000038.
He noticed that SHIB has rallied 75% from the $0.000011 support and is now stable at $0.000019.
He expects SHIB to continue rising towards $0.00003852 after reaching important levels like $0.000028 and $0.000021.
Contrarian View: Bearish Prediction
While MMBTtrader is bullish, analyst SwallowPremium is cautious. He believes that SHIB could correct 35% lower after reaching $0.0000216, falling to $0.000014075. However, if SHIB breaks above $0.0000216, the bearish scenario will be invalidated.
The Future of the Shiba Inu
SHIB is currently trading at $0.00001925, about 11% away from the resistance level of $0.0000216.
Analysts believe that the direction of SHIB will depend on whether it can overcome important resistance levels in the coming period.