Shiba Inu to Double? Analyst Predicts 200% Price Increase – Details

Despite largely remaining under the radar of price action during Bitcoin’s recent bull run, the dog-themed cryptocurrency Shiba Inu (SHIB) has managed to gain 8.18% in the past week as Bitcoin reclaimed the $69,000 mark on Friday. Analysts have already predicted further upside potential for the meme coin.

Analyst predicts 200% rise for Shiba Inu

Cryptocurrency analyst MMBTtrader seems quite positive about Shiba Inu’s future prospects as he expects a 200% surge to $0.000038. As he says, SHIB had previously recorded a 75% gain from the $0.000011 support level within the price chart. The altcoin actually bounced back from the demand zone in the early August and September periods, picked up its pace and settled at $0.000019.

For SHIB, MMBTtrader predicts that it will not just consolidate at $0.00003852. In fact, he expects the pattern of higher highs and higher lows, where the initial push to the May highs at $0.000028 will then correct to the September highs at $0.000021. Should these levels hold, the meme coin could be pulled down to the target of $0.00003852.

Conflicting views: SwallowPremium's pessimistic outlook

MMBTtrader still remains bullish on Shiba Inu, but SwallowPremium, on the other hand, is a bit more conservative. He says that the cryptocurrency would continue to rise until it reaches $0.0000216 and then correct 35% to $0.000014075. His analysis says that the downtrend would be triggered by a correction to $0.0000195, which could be a good time to open a short position.

However, Premium also warns that if SHIB surpasses the price of US$0.0000216, a bearish outlook could be invalidated, pushing the price much higher than what has already been recorded.

Shiba Inu Price Path for the Future

Shiba Inu is trading at $0.00001925, close to 11% below the $0.0000216 resistance level. Several forecasts by market experts convey a divergence in sentiment on SHIB’s trajectory. MMBTtrader’s projection for a possible 100% surge is based on an underlying conviction of a perpetuating uptrend. SwallowPremium sounds a note of caution with a “critical” view of a correction.

Future Shiba Inu price action depends on whether it breaks key resistance levels and maintains momentum. As SHIB approaches crucial price points, traders will be watching for signs of a breakout. The next few weeks will be critical in determining whether it can rally further or face another rejection.

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