How Shiba Inu's (SHIB) Price Could Skyrocket 600% According to Crypto Analysts

May 26, 2024 at 05:15 PM GST updated: May 26, 2024 at 05:16 PM 2 mins read News

Shiba Inu’s price prediction shows a potential 600% increase, sparking investor excitement and interest.
After breaking key resistance, SHIB surged 370% in December 2023, peaking in March 2024.
Bullish flag pattern on the 1-hour chart suggests further upward momentum for Shiba Inu’s price.

Crypto analysts predict Shiba Inu will experience a significant price increase. A prominent market analyst has strongly expressed that the cost of Shiba Inu (SHIB) might rise by 600%, conceivably coming to US$0.000075.

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This optimistic prediction comes after a period of nearly two years of consolidation described by the analyst. During this period, SHIB faced difficulties in escaping a stagnant price pattern. But in December 2023, Shiba Inu managed to breach a key resistance trendline, sparking a surge that increased its value by 370 percent. The token peaked in early March 2024 at $0.000045.

Even though there was a strong bounce, the upward impetus was fleeting and the market corrected. The analyst has identified a strategic buying range between US$0.000022 and US$0.000025, suggesting this range as a possible entry point for investors in response.

On the 1-hour chart, he saw a bullish flag pattern that suggested the trend would continue upward. 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, according to his predictions.

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 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.

These metrics highlight the growing investor interest in Shiba Inu. The Extreme Greed reading on the Fear & Greed index indicates a high level of enthusiasm, which, while potentially driving prices higher, also raises caution due to the risk of a rapid shift in sentiment.

Shiba Inu’s future in crypto looks promising. Growing investor interest and positive sentiment suggest continued momentum. Community and development initiatives could boost its value, making it a contender. Investors should stay informed about buying opportunities.