Shiba Inu Price Prediction Today
One analyst predicts that the price of the Shiba Inu could soar 178%, potentially returning to all-time highs. In October 2021, the price of Shiba Inu reached a peak of 0.000048845. To reach this level again, the Shiba Inu would need to rise 178%. Technical analysis suggests this is a possibility as market conditions begin to improve. Most of the top 10 cryptocurrencies have entered the green zone, while Bitcoin is once again trading above the $100,000 level.
current resistance level
Analyst Austin Hilton saidthe altcoin needs to break above the major resistance level at 0.00004033. Currently, Shiba Inu is trading at 0.00003247, up more than 6% in the past 24 hours. Analysts believe that once this resistance level is breached, we will see a significant price increase.
three-year down cycle
The Shiba Inu’s downward trend has been going on for about three years, but that’s changing. Market conditions are improving, and with new leadership and pro-crypto policies in place, the cryptocurrency market will enter a new phase starting in January. This could trigger one of the biggest bull runs in cryptocurrencies, and Shiba Inu, as a top meme coin, is poised to benefit.
Market position of Shiba Inu
Shiba Inu and Dogecoin are the leading meme coins, with market capitalizations of $18 billion and $66 billion respectively. The meme coin industry is worth more than $130 billion and is an important part of the $3.67 trillion global cryptocurrency market. This shows the growth potential of Shiba Inu’s market value.
breakout pattern
As shown on the previous chart, the Shiba Inu tends to consolidate and then break out. After consolidating, coins often experience significant price swings. For example, one breakout saw a 60% gain in just eight days. As more capital enters the cryptocurrency market, a similar move could occur.
