Shiba Inu (SHIB) 13% Price Increase: What's Next and New Target
Shiba Inu (SHIB), the Dogecoin-inspired meme coin, has seen a significant price increase in recent days. As of October 4, 2023, SHIB is trading at $0.000098, up 13% in the past 24 hours. This price increase comes amid a broader rally in the cryptocurrency market, with Bitcoin (BTC) up 5% and Ethereum (ETH) up 7%.
So, what's next for SHIB? Some analysts believe that the recent price increase could be a sign of a more sustained upward trend. They point to the fact that SHIB has been trading in an ascending triangle pattern for several weeks. This pattern is typically bullish, and a breakout could send SHIB to new highs.
Other analysts are more cautious, noting that SHIB is still a highly speculative asset with a large circulating supply. They warn that the recent price increase could be a dead cat bounce, and that SHIB could quickly fall back down to its previous levels.
What is the new target for SHIB?
The new target for SHIB is $0.000015, according to some analysts. This target is based on the Fibonacci retracement levels, which are a technical analysis tool that can be used to identify potential support and resistance levels.
Of course, it is important to remember that these are just predictions, and the actual price of SHIB could move in either direction. Investors should always do their own research before making any investment decisions.
Here are some factors that could affect the future price of SHIB:
The overall performance of the cryptocurrency market
The adoption of SHIB by merchants and businesses
The development of new use cases for SHIB
The level of interest from retail and institutional investors
Overall, the future of SHIB is uncertain. However, the recent price increase is a positive sign for the coin, and it suggests that there is still a lot of interest in it.
Disclaimer:
This post is for informational purposes only and should not be considered investment advice. Please do your own research before making any investment decisions.
