Expectations for a Shiba Inu Surge! Analysts Predict a 100% Rise

Last updated: October 28, 2024 2:44 pm

Published October 28, 2024

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.

Contents

Positive Price Predictions from Analysts
High Correlation with Dogecoin
Key Support and Resistance Levels

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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ByEzeudo Nwosu

Ezeudo Nwosu is a blockchain and cryptocurrency professional with over 8 years of experience in the industry. With a background in software engineering, Ezeudo has been at the forefront of developing innovative blockchain solutions that address key challenges in various sectors. His work includes leading blockchain integration projects and advising on the creation of decentralized applications (dApps). Ezeudo is recognized for his deep technical knowledge and his ability to translate complex blockchain concepts into practical applications. At DT NEWS, he offers expert insights into the latest developments in blockchain technology and cryptocurrencies, helping readers stay informed about the future of digital finance.