An analyst now says Shiba Inu is just beginning to surge, showing signs of significant strength.
The recent surge in the cryptocurrency market has positively impacted many tokens, including the popular meme coin, Shiba Inu (SHIB).
Since mid-September 2024, SHIB has experienced a remarkable rally, with its price skyrocketing by approximately 153%, climbing from around $0.00001317 to a peak of $0.00003343.
However, several leading analysts suggest that this impressive increase might just be the beginning.
One notable analyst, known as “Bluntz,” recently shared insights on X, emphasizing that SHIB appears to be on the verge of achieving significant price multiples.
In a post dated December 7, Bluntz indicated potential short-term price targets exceeding $0.00006 and $0.00009, which would represent gains of over 94% and 191%, respectively, from SHIB’s price of $0.00003089 at that time.
Bluntz’s targets rely on a historical pattern observed in March 2024, when SHIB’s price surged to $0.00004567 from roughly $0.00000907.
This surge followed a breakout of the 14-day Relative Strength Index (RSI), which had crossed the 70 mark and climbed beyond 90.
Currently, the RSI for SHIB is again above 70, indicating potential for further growth.
Other analysts are echoing this bullish sentiment.
On December 8, “King’s Chart” remarked that SHIB was “looking good,” although this analyst provided a more conservative forecast, predicting a 35% increase that would take the token to around $0.00004518, based on a potential breakout from an ascending triangle pattern.
Additionally, “CAPT. PARA80LIC TOBELERONE” presented a more aggressive outlook, suggesting that SHIB could reach as high as $0.0001 in the near future and possibly peak at $0.0005 in the first quarter of 2025.
This scenario would represent gains of over 220% and an astonishing 1500%, respectively.
These optimistic projections come as SHIB seems to lag behind other leading meme coins like Dogecoin (DOGE), which has seen an increase of over 110% in the past month, while SHIB’s gains have been around 60%.
Analysts see this as a potential opportunity for investors.
Moreover, SHIB’s fundamentals are also improving, particularly with the growth of Shibarium, its Ethereum Layer 2 solution.
As of December 7, reports indicate that Shibarium has surpassed 2 million wallets and over 600 million total transactions, with daily transactions occasionally nearing 5 million.
This rising activity is promising for SHIB, especially since the network includes an automatic token burn mechanism that utilizes 70% of network fees.
Overall, the combination of technical indicators and strong fundamental developments suggests that Shiba Inu could be on the verge of significant price movements in the near future.
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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
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