- A market analyst believes Shiba Inu (SHIB) is poised for a 1,700% surge to $0.0004729
- The analyst cites a multi-year cup and handle pattern on SHIB’s weekly chart as a bullish signal for the meme coin’s continuation of its uptrend
- However, this lofty price target is contingent on Bitcoin’s market dominance collapsing further, allowing capital to rotate into altcoins and meme coins
The Shiba Inu cryptocurrency, also known as SHIB, is projected to experience a significant surge in its value, according to market analysts. Despite the current market correction, experts suggest that Shiba Inu is setting the stage for a potential 1,700% increase, with a potential price point of $0.0004729 being discussed.
Predicted Surge for Shiba Inu:
Against the backdrop of a general uptrend in the crypto market, many investors are speculating about the potential heights that various digital assets could reach. For Shiba Inu, one of the leading meme coins, there are suggestions of a substantial surge. A prominent crypto analyst, CryptoELITES, has predicted that the price of SHIB could reach $0.0004729 in the current bull market, representing an almost 1,700% increase from the current prices of $0.0000268.
Analyzing the Pattern:
CryptoELITES‘ forecast is based on an observed cup and handle chart pattern on SHIB’s weekly candle chart. This pattern, which has been persisting for over three years, is typically considered a bullish indicator, often signaling the continuation of an uptrend. Furthermore, the chart showcases a descending trendline acting as resistance for SHIB since October 2021. The analyst predicts a breakthrough of this trendline, with SHIB rallying to $0.000085171, $0.0000183312, and eventually $0.0000472905.
The Role of Bitcoin’s Dominance:
CryptoELITES’ prediction is contingent on a significant decrease in Bitcoin’s dominance, which would facilitate the redirection of more capital towards altcoins and memes in the bull market. Over the past weeks, Bitcoin’s market cap dominance has reduced considerably, and it is currently hovering around 57.17%.
Other Predictions and Factors:
CryptoELITES is not the first to forecast a significant rise in SHIB’s price. In April 2024, market commentator Eunice Wong anticipated SHIB hitting the $0.00001 price point, and in July 2024, CIFDAQ Blockchain Ecosystem Chairman Himanshu Maradiya suggested a trading range between $0.00001 and $0.00003 for SHIB. Maradiya identified favorable market conditions and advancements in the SHIB ecosystem as primary drivers for the projected rally.
Conclusion:
While there is a consensus about the potential for a significant surge in SHIB’s value, the timeline for this increase is a point of contention among analysts. Some suggest 2025 as the year to watch, while others propose a longer timeline, with $0.00001 occurring in 2029 and $0.00003 by 2033. Nevertheless, investors are advised to conduct thorough research before making any investment decisions.
