Shiba Inu Nearing 500% Rally? Analyst Discusses
Shiba Inu, the “Dogecoin Killer,” anxiously awaits a price spike. Ashish, a market expert, predicted a 500% spike that could push meme currency to $0.000075.
Ashish predicts a bullish rebound following a roughly two-year consolidation. Shiba Inu broke a key resistance trendline in December 2023 to escape price purgatory. The breakthrough sparked a 370% rise to $0.000045 in early March 2024.
The celebration wasn't supposed to endure. After a pullback, Ashish set strategic buying zones at $0.000022 and $0.000025.
Ashish's crystal ball predicts a bullish flag formation on the 1-hour chart, indicating a “second leg up.” This technical indication indicates stabilization after a significant price gain, frequently before another upward trend.
Although its price dropped today, Shiba Inu looks to have development potential. The daily RSI is around 48, suggesting that the coin is neither overbought nor oversold. Ashish predicted a second step higher, and neutral territory signals upward momentum.
The current Shiba Inu price estimate is 220% higher, hitting $0.00008089 by June 24, 2024. CoinCodex's technical indicators are Neutral, while the Fear & Greed Index is 76, suggesting Extreme Greed. Shiba Inu has seen 12 green days (40%) and 4.40% price volatility in the previous 30 days.
These figures show that Shiba Inu's market behavior is attracting investors. The Fear & Greed Index's Extreme Greed rating indicates tremendous excitement, which is favorable for price rises but cautionary owing to quick emotion fluctuations.
The coin's mild volatility and green days suggest sustained, unexpected growth. These considerations make Shiba Inu an intriguing asset to watch in the coming months.
Shiba Inu price forecast mood is neutral today. Technical indicators confirm this judgment, with 20 indicating bullish tendencies and 8 indicating bearish trends.
Cryptocurrencies are volatile and speculative, thus this balance.
