According to Blockhainmedia.id
Shiba Inu, often dubbed the Dogecoin Killer, 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 US$0.000075.
Revival of a Consolidation Pattern in SHIB PriceÂ
NewsBTC reports, this optimistic prediction comes after a period of nearly two years of consolidation described by Ashish. 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 value of this token 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 US$0.000022 and US$0.000025, suggesting this level as a potential entry point for investors.
Potential Second Leg Up
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 indicates there is room for upward movement, as per Ashish's predictions.
SHIB Price Prediction by CoinCodex
Adding to the excitement, the current Shiba Inu price prediction by CoinCodex predicts a rise of 220 percent, potentially reaching US$0.00008089 by June 24, 2024.
CoinCodex technical indicators currently indicate Neutral sentiment, while the Fear & Greed Index is at 76, indicating Extreme Greed. Over the past 30 days, Shiba Inu has experienced 12 of 30 green days (40 percent) with price volatility of 4.40 percent.
These metrics highlight the growing investor interest in Shiba Inu. The Extreme Greed reading on the Fear & Greed index indicates high levels of enthusiasm, which, while potentially driving prices higher, also raises caution due to the risk of a rapid shift in sentiment.
Uncertain Upward Momentum
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.
Currently, the overall sentiment for Shiba Inu price prediction remains neutral. This assessment is supported by technical analysis indicators, with 20 indicating a bullish signal and eight indicating a bearish trend.
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