The post Shiba Inu Coin: SHIB Price Eyes Nearly 10x Rally Amid Recent Crash appeared first on Coinpedia Fintech News
After the major crypto freefall, Shiba Inu’s price sharply fell, and it has now dropped for three straight days, reaching a low of $0.00001271.This is the lowest level since March 1st. It has crashed almost 70% from its highest point this year, performing worse than major coins like Bitcoin and Ethereum. Yet analysts set unbelievable targets for SHIB in the coming days.
SHIB to Meet 6 Key Levels to Get a 997% Boost
The analyst Trading view Abmoon has set ambitious targets for Shiba Inu (SHIB), aiming for a significant price increase to $0.000165. He identified six targets in November 2023, when SHIB struggled around $0.00001.
The first target, ranging from $0.00002629 to $0.00002825, represents a 163% increase from the price. The second target, between $0.00003778 and $0.0000399, represents a 272% return. The fourth target, between $0.0000869 and $0.0000924, represents a 757% rise. The fifth target, $0.000124 to $0.00013, and the sixth target, $0.0001606, are minimum targets.
Analyst Opens Up His Trade Plans
Moving on, Abmoon set $0.000165 as the ultimate price target for his ongoing trade, a 997% rise from the current price. The trade has spanned over eight months, with some targets already claimed and lost. Despite recent setbacks amid a broader crypto downturn, analysts remain optimistic about SHIB’s potential for recovery and further price appreciation.
Moreover, this bullish call is evident as Shiba Inu is rolling out exciting updates, including the blockchain version of the Shiba Eternity Game and expanding its Shibarium network. The latest Shibarium updates feature new opportunities for community involvement: developers can now build apps, users can become validators, and assets can be bridged from Shibarium to Ethereum for a complete Web3 experience. This could bring SHIB’s price to new heights.
Current Price Analysis
Currently trading at $0.00001508, SHIB is eyeing key resistance levels, including the 20-day SMA at $0.00001715 and potentially $0.00002 if market conditions improve. Analysts and market watchers anticipate a potential resurgence, with targets set around $0.00003 to $0.000045 in the near term, contingent on market movements and investor sentiment.
Market Sentiment
Shiba Inu’s supply has been significantly reduced due to the burning of 360.35 million coins over the past week, resulting in a 418% increase in the weekly burn rate. Market sentiment has shifted, with the total supply estimated at 589.27 trillion SHIB.
The community of the meme coin has also burned 3.84 million tokens. Although Shiba Inu’s price trajectory has waned, the surge in burn rate and the broader industry’s recovery are seen as a positive development.
Will SHIB see a 997% surge following this trend? Tell us your views.