Shiba Inu On The Brink Of A 400% Rally, Analyst Says—Will It Deliver?
17 October 2024 - 2:30AM
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A leading analyst has forecasted that Shiba Inu may surge by 400%,
elevating its price to $0.000074. This prospective increase is
supported by recent price movements and significant technical
indicators. Related Reading: Neiro Coin Blows Up 4,608%—Can It
Sustain The Momentum? Shiba Inu has experienced a consistent
increase, presently trading at $0.00001805 following a brief
decline to the $0.000016 area last week. Although its gains have
been less substantial than those of other meme tokens, observers
believe SHIB is poised for a significant rebound imminently.
TradingView expert Without Worries has recommended that this is an
opportune moment to initiate a long position in Shiba Inu. Despite
a 70% decline in the token since March, numerous positive
indicators have surfaced, such as RSI breakouts and trend
reversals. Shiba Inu Price: How Big Is The Projected Increase?
Shiba Inu might rise 400% to $0.000074, according to the
researcher. SHIB made a fourfold increase to $0.000045 early this
year, which matches this estimate. Notwithstanding the optimism,
the analyst saw the potential for additional corrections regarding
Shiba Inu. Investors must remain cognizant of possible obstacles
ahead. Resistance Levels Shiba Inu is currently facing resistance
at $0.00001865. It has already broken through this level to reach
an intraday high of $0.00001893. The next levels of resistance are
$0.00001969 and $0.00002094. The present technical analysis for
SHIB forecasts a price escalation of 0.74%, aiming for $0.00001802
by November 14, 2024. Strong market mood supports this forecast, as
shown by the Fear & Greed Index, which sits at 65 and denotes
investor greed. Related Reading: Dogecoin Revival: Active Addresses
Skyrocket To Highest Level In 8 Months Time To Buy The Meme Coin?
In the preceding month, Shiba Inu experienced 15 green days out of
30, resulting in a 50% positive performance rate, and shown a price
volatility of 12.02%. These facts indicate that the present may be
a favorable opportunity for investors to contemplate acquiring
SHIB. The optimistic sentiment and substantial anticipated
expansion underscore robust market interest in the meme coin from a
technical standpoint. The Fear & Greed Index residing in the
greed zone may suggest possibilities for price appreciation,
although it also warrants caution for probable corrections. It is
crucial for traders to monitor important support levels at
$0.000018 and resistance levels at $0.000019 while navigating this
volatile market environment. Shiba Inu is a promising investment
due to its performance and expectations. Featured image from Getty
Images, chart from TradingView
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