An analyst now predicts a 5,000% rally for SHIB —Shiba Inu coin — as a ‘best case scenario’ while identifying two other key price levels.
Crypto Sheriff, a prominent market analyst, has forecasted a potential price surge for Shiba Inu (SHIB), identifying three key price targets, the most ambitious being a rise of over 5,000% from its current value.
The overall cryptocurrency market has experienced bullish momentum recently, with Bitcoin increasing by 10%, which has strengthened its dominance to over 55%.
This rise has positively influenced altcoins, including Shiba Inu, which has gained nearly 23% in the past month and is currently trading at around $0.00001840.
In this favorable market climate, Crypto Sheriff predicts three specific price targets for Shiba Inu, based on a breakout observed in its 4-hour chart.
On October 15, he noted an uptrend following a breakout, indicating that Shiba Inu had moved out of a descending triangle pattern that had formed since its peak of $0.00002169 on September 27.
This breakout suggests the potential for further price increases.
In a follow-up post on October 16, Crypto Sheriff outlined his three targets for Shiba Inu.
The first target is a retest of the triangle’s peak at $0.00002, representing an increase of over 8% from the current level.
He anticipates a more substantial surge to $0.0002, requiring a 900% rise from the first target, or a 994% increase from the current price.
The most ambitious target proposed by Crypto Sheriff is $0.001, which would necessitate a rise of over 5,000% from today’s price.
Achieving this milestone would be significant for Shiba Inu and aligns with predictions from other analysts.
For instance, LuckSide has also projected that SHIB could hit the $0.001 mark, indicating confidence in a bullish trend.
Similarly, another analyst, Krao, has expressed expectations for Shiba Inu to reach $0.001 by the first quarter of 2025, citing a breakout from a long-term descending trendline as a catalyst for this increase.
Various factors could contribute to Shiba Inu’s potential price growth, including a possible reduction in its circulating supply and heightened investor interest, potentially spurred by the introduction of a spot exchange-traded fund (ETF) focused on SHIB.
However, Shiba Inu faces significant resistance at critical price levels, which may hinder its anticipated growth.
Analyst Shib Knight has pointed out the $0.0000187 region as a crucial sell zone, suggesting it could limit further price increases.
Shib Knight emphasized that a consistent break above this resistance is essential for Shiba Inu to maintain its upward momentum.
Other analysts have also noted resistance at this level, with additional challenges at $0.00001865, $0.00001969, and $0.00002094.
Until Shiba Inu can overcome these barriers, the ambitious targets of $0.0002 and $0.001 may remain out of reach in the short term.
Nevertheless, analysts generally agree that if the asset can break through these resistance points, significant gains could be on the horizon.
Community sentiment in SHIB remains strong, with 88% of investors feeling bullish on the asset.
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