Shiba Inu (SHIB) has just confirmed a three-year-long 'cup and handle' pattern – a positive signal on the price chart.
This pattern, observed on SHIB's weekly candlestick chart, indicates that the upward trend may continue.
Market analyst CryptoELITES recently pointed out this formation and its potential implications for Shiba Inu's price.
Currently, Shiba Inu is facing a downtrend line – acting as a resistance since October 2021, as shown on the technical chart.
According to the analyst, if SHIB breaks through this resistance level, the market could open up new targets at levels of $0.000085171, $0.000183312, and even as high as $0.0004729.
This forecast implies a potential growth of 1,700% compared to SHIB's current price of $0.00002802.
Source: CryptoELITES/X
Another important factor that could influence SHIB's price increase is the capital flow in the market, especially the movement of Bitcoin.
CryptoELITES also noted that the decline in Bitcoin's dominance could drive capital flows into other cryptocurrencies, including altcoins and 'meme' assets like SHIB.
In recent weeks, Bitcoin's dominance rate has dropped from 61.53% to 54.78% and has recently maintained around 57.17%.
If this trend continues, the possibility of Shiba Inu attracting additional investment capital and continuing strong growth is entirely feasible.
Previous predictions about Shiba Inu align with a positive outlook.
Many other analyses also provide a similar perspective, optimistic about the price potential of Shiba Inu in the future.
In a market analysis report on April 23, 2024, expert Wong stated that the next upward trend could push SHIB's price to $0.0001.
By July 2024, the president of the CIFDAQ Blockchain ecosystem has raised the price forecast for SHIB to around $0.0001 - $0.0003 if the market recovers positively.
Both experts pointed out that the development of the ecosystem and market trends are key factors that could cause Shiba Inu's price to rise sharply.
However, the timeframe for these predictions varies. Some opinions suggest that SHIB will improve by 2025, while more cautious forecasts expect it to take until 2033.
Additionally, other analyses indicate that SHIB's price could completely exceed the peak of $0.00003487 in the last 9 months if trading volume continues to remain high.
Current technical indicators are showing an increasing accumulation trend, while the RSI is approaching the overbought/oversold zone.
The active participation of the community and a bullish market will contribute to pushing SHIB's price to $0.00004.
Developing the ecosystem and market conditions
Development steps in the Shiba Inu ecosystem such as Shibarium and the use of existing tokens are important drivers for SHIB's growth in the future.
According to experts, these changes could attract more capital inflow from investors, thereby improving SHIB's position in the market.
In particular, the upcoming Shibarium hard fork is viewed as a major breakthrough for SHIB's Layer-2 solution as it addresses core issues such as scalability and transaction speed.
This upgrade will help increase network bandwidth, allowing transactions to occur faster and more efficiently.
This is a crucial factor for the development of the Shibarium ecosystem, which has been attracting more and more users and activity recently.
As of the time of writing, SHIB is trading at $0.00002847, up 3.15% in the last 24 hours.
SHIB is currently ranked 12th in the cryptocurrency market with a market cap of $16.77 billion and a trading volume of $1.42 billion in the last 24 hours.
The circulating supply of Shiba Inu in the market is at 589.25 trillion tokens and the price is still on an upward trend in a positive direction.
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