Shiba Inu (SHIB) Ready To Roar! Analyst Calls For A 200% Spike
Shiba Inu (SHIB) appears to be on the verge of a surge as crypto analysts predict the coin could rise by 200%.
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SHIB has begun to catch up with the meme coin craze sweeping the cryptocurrency market, as evidenced by a 20% rise in the past week and a 7% rise in the past 24 hours. The Shiba Inu community remains optimistic about the future, although its performance is still underperforming Dogecoin (DOGE), which is up 30% in a week.
According to cryptocurrency analyst Roaring Kitty, SHIB’s latest momentum is actually a “warm-up rally” as it is similar to anything seen in the context of rising meme coin prices. He believes that the foundation for the current explosive rise is being laid, and retail investors should be credited with the driving force.
Check the recent price trend of Shiba Inu
SHIB’s price performance shows resilience. At the end of September, it broke away from its long-term downward trend and surged above $0.00002150 before recovering to $0.00001553. The coin reached a seven-month high of $0.0000303 this month before eventually settling within the $0.00002 range.
The current memecoin PA is typical of what we have seen previously on Coinbase listings, taking $SHIB Example below:
– Preheat pump 100-200%
– Consolidating/Down week
– The retail frenzy starts immediately with +200% green giant candles every weekContinue to hold. pic.twitter.com/Kb5R1cbGGf
— CryptoKitties 💹🧲 (@RoaringKitty) November 15, 2024
According to Roaring Kitty, meme coins exhibit this back-and-forth price movement before they enter a parabolic phase. His research was able to illustrate how SHIB could have topped $0.00015 in a retail-driven frenzy if the cryptocurrency removed zero from its price.
Additionally, trading volume has increased, indicating increased interest and setting the stage for a stronger rally.
Long-term prospects are bright
In addition to its immediate success, SHIB’s long-term prospects are equally positive. analysts expect Prices rise 107% over next six monthsthe growth stabilized at 83% within one year. This optimism is based on SHIB’s ability to maintain the focus of the memecoin ecosystem, continued development efforts, and active community.
However, this optimistic outlook is not without limitations. SHIB must break through key resistance levels to sustain the rally. Additionally, analysts warn that the token’s performance may be affected by macroeconomic factors and broader market conditions.
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The future for Shiba Inu owners
Recent Shiba Inu price changes and predictions have reignited enthusiasm in the community. However, as the hype continues to build, whether SHIB can maintain its momentum and achieve such lofty predictions remains an open question. For now at least, the buy recommendation seems simple: hold on and watch for market signals.
After all, the upside potential is huge. But if, for example, retail investor enthusiasm becomes too much to handle, be prepared for a breakout. However, it is important to understand the risks associated with such investments.
Featured images from DALL-E, charts from TradingView
