Analysts are predicting a 5000% rise in the price of the Shiba Inu coin as a best case scenario.
In a prominent market analyst Crypto Sheriff has predicted a potential price rise for the #Shiba Inu (SHIB) coin and identified three key price targets.
The cryptocurrency market as a whole has been bullish lately, with #bitcoin rising 10% and consolidating its dominance to 55%.
This growth has also had a positive impact on #altcoins , including Shibaura, which has gained nearly 23% over the past month and is currently trading at around $BTC In these favorable market conditions, Crypto Sheriff has predicted three specific price targets for Shibainu based on the breakouts seen on the four-hour chart. On October 15, the company noted an uptrend following the breakout, indicating that Shibainu has broken out of the descending triangle formed after reaching the USD 0.00002169 peak on September 27.
This breakout indicates the potential for further price gains.
In a follow-up post on October 16, Crypto Sheriff outlined three targets for Shibaura.
The first target is a retest of the $0000002 triangle peak, which would mean a rise of more than 8% from current levels. He expects a more significant jump to $0000002, which would require a 900% increase from the first target, or 994% of the current price.
The most ambitious target proposed by Crypto Sheriff is $0.001, which would require an increase of more than 5000% from the current price.
The achievement of this milestone is important for Shibaura and is in line with other analysts' forecasts. For example, LuckSide also predicts that #SHIB will reach $0.001, indicating bullish confidence. Similarly, another analyst, Krao, expressed hope that SHIB will reach $0.001 by Q1 2025, citing the breakout of the long-term downtrend line as a trigger for this growth.
in SHIBs. However, SHIBs face significant resistance at key price levels, which could hinder the expected upside.
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