Shiba Inu is creating a significant stir in the crypto community as market analysts predict a substantial price surge. Ashish, a leading market analyst, made a bold prediction that Shiba Inu (SHIB) could experience a dramatic increase of 600 percent, potentially pushing the memecoin to $0.000075.
From NewsBTC reports, this optimistic prediction comes after a period of nearly two years of consolidation. During this time, $SHIB struggled to break out of a stagnant price pattern. However, in December 2023, Shiba Inu finally broke through an important resistance trendline, triggering a rally that saw the token's value increase by 370 percent, reaching a peak of $0.000045 in early March 2024.
Despite this incredible rally, the upward momentum did not last long, leading to a market correction. In response, Ashish has identified a strategic buying zone between $0.000022 and $0.000025, suggesting this level as a potential entry point for investors. Ashish's technical analysis reveals a bullish flag pattern on the 1-hour chart, indicating a possible second leg up. This pattern usually appears after a sharp price increase, followed by a period of consolidation, often a harbinger of another upward move.
Although SHIB experienced a slight decline today, the market shows potential for further growth. The daily RSI indicator is currently at almost 48, indicating that the cryptocurrency is neither overbought nor oversold. This neutral RSI shows there is room for upward movement.
CoinCodex estimates an increase of 220 percent, potentially reaching $0.00008089 by June 2024.
CoinCodex technical indicators currently indicate Neutral sentiment, while the Fear & Greed Index is at 76, indicating Extreme Greed. Over the last 30 days, Shiba Inu has experienced 12 of 30 green days (40 percent) with price volatility of 4.40 percent.
Moderate volatility and the occurrence of green days indicate a steady, albeit unpredictable, upward momentum for SHIB. This combination of factors makes Shiba Inu an interesting asset to watch in the coming months.
