Shiba Inu On The Verge Of 600% Rally? Analyst Weighs In

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Shiba Inu

Shiba Inu, known as the “Dogecoin Killer,” is eagerly anticipating a significant price leap. Market analyst Ashish has sparked excitement with a bold prediction: a 600% surge that could catapult the meme coin to an impressive $0.000075.

This bullish forecast comes after what Ashish describes as a nearly two-year-long slumber within a consolidation pattern. December 2023 saw Shiba Inu finally break free from this price purgatory, breaching a crucial resistance trendline. The breakout ignited a rally that culminated in a 370% surge, reaching a 2024 high of $0.000045 in early March.

However, the party wasn’t meant to last. A correction ensued, prompting Ashish to establish strategic buying zones between $0.000022 and $0.000025.

Shiba Inu: Enter The Flag Pattern

Ashish’s crystal ball sees a bullish flag pattern emerging on the 1-hour chart, hinting at a potential “second leg up.” This technical indicator suggests a period of consolidation following a sharp price increase, often acting as a precursor to another upward movement.

Despite a slight price dip today, Shiba Inu appears to have room for growth. The daily Relative Strength Index (RSI) currently sits at nearly 48, indicating that the coin is neither overbought nor oversold. This neutral territory suggests potential for upward movement, aligning with Ashish’s prediction of a second leg up.

SHIB market cap currently at $14.5 billion. Chart: :

SHIB Price Forecast

Meanwhile, CoinCodex’s current Shiba Inu price prediction forecasts a rise of 220%, potentially reaching $0.00008089 by June 24, 2024. CoinCodex’s technical indicators currently show a Neutral sentiment, while the Fear & Greed Index stands at 76, indicating Extreme Greed. Over the past 30 days, Shiba Inu has seen 12 out of 30 green days (40%) with a price volatility of 4.40%.

Given these metrics, it’s clear that Shiba Inu’s market behavior is capturing significant investor interest. The Extreme Greed reading on the Fear & Greed Index suggests a high level of enthusiasm, which, while positive for potential price gains, also warrants caution due to the possibility of rapid sentiment shifts.

Source: CoinCodex

The coin’s moderate volatility and the occurrence of green days indicate a steady, albeit unpredictable, upward momentum. This combination of factors makes Shiba Inu a fascinating asset to watch in the coming months.

As of today, the overall sentiment for the Shiba Inu price prediction is neutral. This assessment is supported by technical analysis indicators, where 20 indicators are showing bullish signals, while eight are signaling bearish trends.

This balanced sentiment reflects the inherent volatility and speculative nature of cryptocurrencies. The fact that a significant number of indicators are bullish suggests there is optimism about Shiba Inu’s short-term potential, possibly driven by recent market activities or positive news.

Featured image from Top Gear, chart from TradingView

Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley! So, he landed a killer gig at NewsBTC and Bitcoinist, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a future intertwined with NewsBTC and Bitcoinist. He says he sees himself “growing old” alongside these companies, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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