Analysts are anticipating a substantial increase in Shiba Inu (SHIB) price, with prominent forecasts suggesting that current levels may be the lowest we’ll see for a while. According to one well-known analyst, as we approach the final phase of the bull market, Shiba Inu investors could be on the verge of an exciting period.
Positive Price Predictions from Analysts
As of October 28, SHIB was trading at $0.00001690 after a slight 0.7% drop. The token encountered resistance at $0.00001924 last week, leading to a 12.2% decrease. However, analysts remain optimistic, with some projecting that Shiba Inu could gain as much as 100% in the upcoming period, keeping investors engaged and excited about potential growth.
The SHIB price chart reveals an inverse head-and-shoulders pattern, with a neckline close to $0.000019. Breaking this resistance could lead to a price surge, possibly doubling SHIB’s value and pushing it to new annual highs. Analyst Oscar Ramos told followers, “A breakout is near,” signaling that SHIB may be gearing up for a significant upward move.
High Correlation with Dogecoin
Shiba Inu’s price movement mirrors that of Dogecoin at a 97% correlation, indicating parallel trends between the two meme coins. Dogecoin’s growing popularity and upward trend could positively influence SHIB as well. Currently, Shiba Inu’s market cap sits at $9.9 billion. A 100% increase would bring its valuation to around $20 billion, placing SHIB just below Dogecoin.
Key Support and Resistance Levels
From a technical standpoint, surpassing the $0.000019 resistance could propel SHIB to $0.000029 and even $0.000045. Key support levels are marked at $0.00001620 and $0.00001294. Dogecoin’s rise in the market may serve as an encouraging sign for SHIB as well, with experts eyeing a possible 100% increase.
Investors may view SHIB’s strong connection with DOGE and its current attractive price levels as an appealing buying opportunity.
Shiba Inu, SHIB, 100% increase, resistance, support levels
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