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Once again, Shiba Inu (SHIB) has made waves with some impressive predictions. Prominent trader Dexter has set an ambitious long-term target for the meme coin despite the market volatility, predicting it to rise from $0.00001389 to $0.00015, which is roughly 1000% increase.
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SHIB is showing a growth of 1.27% over the past 24 hours, and over 7% in the past week. However, it is not gaining much traction even as the larger cryptocurrency market is showing an improving trend.
TradingView analyst Crow makes a slightly different prediction. With 7300% profit from its current priceCrow hopes that the price of SHIB will rise to $0.001 by early 2025.
His bullish view is based on a fundamental technical pattern appearing on the monthly chart. SHIB has been in a prolonged decline since hitting an all-time high in October 2021 at $0.000088. According to Craw, a breakout from this falling wedge formation could lead to a major rally and send SHIB skyward.
Shiba Inu: Short-Term Outlook
Contrary to Crowe’s long-held hope, Quincodex SHIB’s report offers a more cautious short-term outlook. Their study shows that the price is expected to gradually decline by 0.69%, possibly reaching $0.00001397 by October 13, 2024.
With the Fear and Greed Index showing a level of anxiety at 32, the overall sentiment is neutral. This reflects a degree of market anxiety that could impact SHIB’s near-term volatility. However, some analysts are advising that given the potential for future gains, now may still be a good time to buy SHIB.
Current Market Sentiments
Before recovering somewhat, SHIB price dropped to the $0.000012 area earlier this week. The token’s performance has been disappointing on a weekly and monthly basis. Its recent price trajectory has shown more gloomy days than more optimistic ones.
Retail investors appear to be moving their money into other fun coins like PEPE and Dogelon Mars, which are now outperforming SHIB. Dexter maintains a good perspective in the face of these difficulties.
He hopes that SHIB will be able to eliminate another zero, thus increasing its value in the coming months. With a market cap of over $7.78 billion, SHIB is still quite prominent in the cryptocurrency landscape.
Support and resistance
Dexter’s study identified critical support areas for SHIB, mostly between $0.00001076 and $0.0000120. SHIB needs these support levels if it is to rally back and gain momentum. If SHIB breaks below these levels, it could see a significant drop to $0.000007.
From its current value, this potential decline could be 47%; from its yearly high of $0.000045 reached in March, it would signal another decline. Technical signs suggest that SHIB is at a turning point. Whether it can hold these important support levels will largely determine its ability to recover.
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looking forward
As Shiba Inu negotiates its current difficulties, different analysts offer conflicting views. While Dexter’s long-term optimism and Crow’s ambitious forecasts present a more complex picture, Coin Codex Cautious short-term outlook SHIB price prediction.
Dexter’s bullish long-term target highlights a notable difference in outlook when compared to Krao’s bullish predictions. Investors evaluating SHIB’s future amid ongoing market uncertainty should take these thoughts from CoinCodex, Dexter, and Krao into careful consideration.
Featured image by Revolutionized, chart by TradingView