Get Ready For Take-Off! Shiba Inu Price To Jump 7,350% — Analyst
13 Septembre 2024 - 3:00PM
NEWSBTC
Shiba Inu (SHIB) can be building up steam for a jumbo rally as
TradingView analyst Krao projects a massive 7,350 % increase. He
said SHIB will breach $0.001 in the next few months, representing
quite a jump from where it is now. Related Reading: As Bitcoin
Supply Tightens, Could A Breakout Be On The Horizon? Shiba Inu’s
price projection by CoinCodex appears somewhat different for the
near future despite such a bold projection. By October 13, 2024
their forecast shows a rise of 5.68%, pushing its price up
$0.00001337. Since reaching its all-time high of $0.00008854 back
in October 2021, SHIB has been in a multi-month downswing. Krao is
still hopeful since first and foremost the meme coin has been kept
under control by a declining trendline. Based on his analysis, the
key trendline could start a breakout as early as January or
February of 2025 that might see SHIB reach $0.001, but with the
bearish sentiment still dominating the market and SHIB locked
within a narrow range between $0.000005 and $0.00003, the road
ahead is very much unknown. Technical Hurdles Ahead While Krao’s
longer-term prediction might sound brilliant, the technical
indicators suggest some near-term hurdles. Shiba Inu’s price
currently finds itself caught in a symmetrical triangle on the
daily chart. While this setup does often precede a breakout, one
way or another, it is not clear in which direction SHIB will go.
The token is currently hovering around $0.00001337 and must break
resistance at $0.00001562 for any uptick momentum to be seen. If
that fails, SHIB could fall toward support levels of $0.00001154 or
even $0.00001028. Meanwhile, the RSI is close to the neutral line
on the monthly chart and exhibits no signs of being overbought or
oversold. Although this does leave much room for movement, the
bearish sentiment of the market may turn out to be an entirely
different story. Investors might, therefore, need to keep a
watchful eye out for any signs of volatility, as SHIB’s technical
setup is capable of moving either way in the near term. Shibarium
Growth Sparks Optimism On the bright side, the Shiba Inu ecosystem
is growing. For instance, Shibarium, its Layer 2 blockchain is
nearing yet another milestone. According to Shibariumscan, on
September 5 there were 34 smart contracts deployed through, just
short of the three-month high of 36 set back in July. Shibarium and
Shiba Eternity Update Shibarium approached a 3-month high in
deployed contracts, showing strong developer activity. Shiba
Eternity Build Update Highlights: •Tournaments: New leaderboards
and rewards system. •Bug Fixes: Issues with freezing, loading
screens,… pic.twitter.com/ekQg7gELrk — 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September
9, 2024 Updates were provided by marketing lead Lucie, who
highlighted the phenomenal growth of Shibarium and milestones
reached in Web3 gaming via the Shiba Eternity project. Related
Reading: AAVE Excites Investors With 20% Gain As Developments Roll
Out This expansion is a further reflection of the team’s commitment
to building well beyond the price of the token. As it grows,
Shibarium strengthens this ecosystem by providing a bedrock for
future blockchain developments. Although it’s difficult to say
whether or not the price will fluctuate, there is certainly some
technological backing in Shiba Inu that might help it in the long
term. Shiba Inu: Bearish Forecast As Shibarium develops well, the
short-term prospects for SHIB look foggy. According to CoinCodex,
the price is expected to slightly decrease by October 2024, which
corresponds with the Fear & Greed Index score at 32
characterizing market fear. Featured image from Westend61, chart
from TradingView
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