Shiba Inu (SHIB) seems to be on the brink of a surge, as crypto analysts predict the token could rise by 200%.
SHIB has begun to catch up with the meme coin craze sweeping the crypto market, evidenced by a 20% increase over the past week and a 24% rise in the last 7 hours. The Shiba Inu community remains optimistic about the future, even though its performance still lags behind Dogecoin (DOGE), which rose 30% in a week.
Famous cryptocurrency analyst Roaring Kitty describes SHIB's current momentum as a 'warming rebound' and cites similarities to previous meme coin price surges. He believes a foundation is being laid for explosive growth, driven by retail investor participation.
Check Shiba Inu's recent price trends
SHIB's price performance shows resilience. In late September, it broke out of a long-term downtrend, soaring above $0.00002150 before retracting to $0.00001553. The token reached a seven-month high of $0.0000303 this month, eventually stabilizing in the $0.00002 range.
According to Roaring Kitty, meme coins exhibit this back-and-forth price movement before entering a parabolic phase. His analysis suggests that SHIB could potentially exceed $0.00015 by eliminating zeros from its price during a retail-driven frenzy.
Additionally, the increase in trading volume indicates heightened interest and lays the groundwork for stronger gains.
Bright prospects
Beyond immediate success, SHIB's long-term outlook is equally optimistic. Analysts expect a 107% price increase over the next six months, with growth stabilizing at 83% within a year. This optimism is built on SHIB's ability to remain a focal point in the meme coin ecosystem, its ongoing development work, and its active community.
Nevertheless, this optimistic outlook is not without limitations. SHIB must break through key resistance levels to sustain any rebound. Furthermore, analysts warn that the token's performance may be influenced by macroeconomic factors and broader market conditions.
Future of Shiba Inu holders
The recent price movements and predictions for Shiba Inu have reignited the community. However, as the hype continues to rise, SHIB leaves an unanswered question of whether it can maintain its momentum and achieve such lofty predictions. At least for now, buying call options seems very straightforward: hold steady and watch market signals.
After all, the upside potential is immense. But be prepared for a breakout, such as if retail investor enthusiasm becomes overwhelming. However, it is crucial to understand the risks associated with this investment.
