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Shiba Inu (SHIB) Could Gain Momentum for a Major Rally as TradingView Analyst Craw Expects A massive 7350% increase. He said that SHIB will break the $0.001 level in the next few months, which represents a significant jump from its current level.
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Shiba Inu Price Predictions by CoinCodex It looks a bit different in the near future despite this bold prediction. By October 13, 2024, their forecast shows a 5.68% rise, pushing its price up by $0.00001337.
SHIB has been on a downward spiral for months since hitting its all-time high of $0.00008854 in October 2021. Craw remains bullish because the meme coin is first and foremost kept in check by a downtrend line.
Based on his analysis, the major trend line could start to break as early as January or February 2025, which could lead SHIB to $0.001, but with bearish sentiments continuing to dominate the market and SHIB trapped within a tight range between $0.000005 and $0.00003, the path forward is largely unknown.
Technical hurdles ahead
While Crow’s long-term outlook may look great, technical indicators point to some near-term hurdles. Shiba Inu price The stock currently finds itself stuck in a symmetrical triangle on the daily chart. While this setup often precedes a breakout, one way or another, it is not clear in which direction the stock will head.
The coin is currently hovering around $0.00001337 and must break the resistance at $0.00001562 to show any upward momentum. If that fails, SHIB could drop towards the support levels at $0.00001154 or even $0.00001028.
Meanwhile, the RSI is approaching the neutral line on the monthly chart and is showing no signs of overbought or oversold. While this leaves plenty of room for movement, the bearish sentiment of the market could prove to be a different story altogether. Hence, investors may need to keep an eye on any signs of volatility as SHIB’s technical setup is capable of moving in either direction in the near term.
Shibarium growth sparks optimism
On the other hand, the Shiba Inu ecosystem is seeing continued growth. For example, Shibarium, a layer-2 blockchain, is approaching another milestone. According to Shibariumscan, on September 5, 34 smart contracts were deployed, just shy of the three-month high of 36 contracts in July.
Shibarium and Shiba Eternity Update
Shibarium is nearing a three-month high in published contracts, indicating strong developer activity.
Highlights of the Shiba Eternity Build Update:
• Tournaments: New leaderboard and rewards system.
• Bug fixes: freezing issues, loading screens,… pic.twitter.com/ekQg7gELrk— Lucy Shipp (@LucieSHIB) September 9, 2024
The updates were provided by Marketing Director Lucy, who highlighted Shibarium’s tremendous growth and the achievements made in Web3 gaming via the Shiba Eternity project.
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This expansion is another reflection of the team’s commitment to building beyond the token price. As it grows, Shibarium is strengthening this ecosystem by providing the foundation for future blockchain developments. While it’s hard to say whether the price will fluctuate, there is certainly some technological backing in Shiba Inu that could help it in the long run.
Shiba Inu: Bearish Outlook
With Shibarium developing well, the short-term outlook for SHIB looks murky. According to CoinCodex, the price is It is expected to decrease slightly. By October 2024, which corresponds to a Fear and Greed Index score of 32, which characterizes fear in the market.
Featured image by Westend61, chart by TradingView