The Shiba Inu, known as the “Dogecoin Killer,” is eagerly anticipating a big jump in prices. Market analyst Ashish sparked excitement with a bold prediction: a 600% surge could catapult the memecoin to an impressive level of $0.000075.
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This bullish outlook comes after what Ashish described as almost two years of slumber within a consolidation pattern. Witnessed December 2023 Shiba Inu It finally broke out of this price purgatory, breaking the crucial resistance trend line. The breakout ignited a rally that peaked at a 370% rise, reaching a 2024 high of $0.000045 in early March.
However, the party was not supposed to continue. A correction ensued, prompting Ashish to establish strategic buy zones between $0.000022 and $0.000025.
Shiba Inu: Enter the flag pattern
Ashish's crystal ball sees an uptrend Flag pattern It appears on the 1-hour chart, indicating a potential “upward movement”. This technical indicator indicates a period of consolidation after a sharp rise in prices, and often serves as a precursor to another upward movement.
Despite the slight drop in prices today, the Shiba Inu appears to have room to grow. The daily Relative Strength Index (RSI) is currently at around 48, indicating that the coin is neither overbought nor oversold. This neutral zone indicates the potential for an upward movement, in line with Ashish's prediction of a second upward movement.
SHIB Price Forecast
Meanwhile, the current CoinCodex Shiba Inu price forecast It forecasts a 220% rise, potentially reaching $0.00008089 by June 24, 2024. CoinCodex's technical indicators are currently showing neutral sentiment, while the Fear and Greed Index stands at 76, indicating extreme greed. Over the past 30 days, the Shiba Inu has seen 12 out of 30 green days (40%) with price volatility of 4.40%.
Considering these metrics, it is clear that the Shiba Inu's behavior in the market attracts significant interest from investors. A high greed reading on the Fear and Greed Index indicates a high level of enthusiasm, which, while positive for potential price gains, also warrants caution due to the potential for rapid shifts in sentiment.
The currency's moderate volatility and the occurrence of green days indicate a steady, albeit unpredictable, upward momentum. This combination of factors makes the Shiba Inu a great asset to watch in the coming months.
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As of today, the overall Shiba Inu price forecast sentiment is neutral. This assessment is supported by technical analysis indicators, as 20 indicators show bullish signals, while eight indicators indicate bearish trends.
This balanced sentiment reflects the inherent volatility and speculative nature of cryptocurrencies. The fact that there are a large number of bullish indicators suggests that there is optimism about the Shiba Inu's potential in the short term, perhaps driven by recent market activity or positive news.
Featured image from Top Gear, chart from TradingView