Shiba Inu unexpectedly rose in September, reaching a three-month high, drawing attention in a month that is usually bearish. This sudden increase was driven by optimism in the cryptocurrency market after the Federal Reserve cut interest rates by 50 basis points. Despite SHIB’s recent decline, market experts are offering a positive outlook, predicting potential gains. Discover how Shiba Inu surged 51% in September and what experts are predicting for the future.
The Shiba Inu’s Remarkable Rise in September
Shiba Inu (SHIB) unexpectedly experienced a significant increase, rising to $0.00002148, reaching its highest level in three months. This rise, triggered by the Federal Reserve’s interest rate cut, has revived the cryptocurrency market. SHIB has gained 51% in a week. Although the price has fallen to $0.00001964, the market cap remains strong with $11,571,705,258 and a trading volume of $1,411,672,336. Prominent analyst Oscar Ramos correctly predicted SHIB’s previous rally and predicts further growth. He believes that the current consolidation phase may be temporary and that a breakout of the $0.00002172 resistance could start a new uptrend.
Factors Affecting SHIB’s Market Performance
The current RSI suggests that SHIB is in the overbought territory, which could lead to a price correction. However, as long as the market support holds, SHIB could target previous highs and break out beyond them depending on demand dynamics. Oscar Ramos predicts that SHIB could reach $0.000045 by the end of 2024 and move 750% higher to $0.00017 by 2025. These forecasts provide an optimistic perspective based on historical performance and technical analysis. Investors are advised to carefully monitor upcoming market movements and consider technical indicators before trading.
