Shiba Inu (SHIB) price has shown remarkable growth recently. Experts are predicting a surge of 650%, reaching $0.000112. This optimistic outlook stems from the Fibonacci analysis, which identifies key price levels. The cryptocurrency market is experiencing a notable rebound. As a result, SHIB is gaining significant traction among investors. Increased interest in meme coins is fueling this price momentum.

Shiba Inu Price Eyes 650% Rally Based on Expert’s Fibonacci Analysis

Crypto analyst Steve Montano shared an X post showing a bullish outlook for the Shiba Inu coin. He highlighted that the SHIB price had bounced perfectly off the RSI trend line. According to his chart analysis, analysts believe the price is on its way to TP2, with further gains potentially reaching TP3. 

Montano’s technical analysis points to a 650% rally, with a price target of $0.000112. This projection is supported by a strong RSI bounce, signaling positive momentum. His Take Profit (TP3) level is around $0.00006733, marking a key milestone in SHIB’s upward journey. The price has shown resilience, aligning with the bullish momentum, and Montano’s target indicates optimism among traders.

Source- TradingView

The price has shown resilience, aligning with the bullish momentum, and the analyst’s target indicates optimism among traders. The surge in SHIB price alighs with the surge in other crypto markets, indicating a bullish trend.

Strong Burn And Strong Fundamentals Likely to Propel SHIB price higher

Shiba Inu price has surged amid a broader resurgence of interest in top meme coins, with notable gains seen across tokens like PEPE, WIF, BONK, FLOKI, and POPCAT. Despite recent market dips, SHIB has remained resilient, benefiting from growing attention toward its ecosystem advancements, including Shibarium and Shibburn.

Recent data shows a significant spike in token burn rates, with over 5 million tokens burnt in the past 24 hours. Such strategic burns are designed to reduce supply, potentially boosting the token’s value. While the weekly burn rate is down by nearly 99%, the latest 24-hour surge hints at renewed bullish momentum for Shiba Inu.

HOURLY SHIB UPDATE$SHIB Price: $0.00001842 (1hr -0.12% ▼ | 24hr 6.14% ▲ )
Market Cap: $10,884,238,773 (6.31% ▲)
Total Supply: 589,269,139,045,532

TOKENS BURNT
Past 24Hrs: 5,166,319 (544.55% ▲)
Past 7 Days: 26,783,345 (-98.67% ▼)

— Shibburn (@shibburn) October 7, 2024

Additionally, the Shibarium network upgrade and the upcoming release of a Shiba Inu-themed game fuel optimism. These developments and large whale transactions suggest that Shiba Inu may see further price appreciation as the ecosystem grows.

Can SHIB Price Rally To $0.00003 By End of This Week?

As of the reporting time, the SHIB price hovered at $0.00001793, reflecting a 3.63% increase within the past 24 hours.

Shiba Inu price is at a critical point in the market poised for a potential breakout. If the bullish momentum continues, the SHIB price forecast could rise beyond its current support of $0.000018, with a possible rally towards $0.00002. Further buying pressure may push the token as high as $0.00003 this week.

Shiba Inu Price Chart| Source: TradingView

Shiba Inu is set for a potential 650% rally, driven by strong fundamentals, growing ecosystem advancements, and a bullish Fibonacci analysis. With strategic token burns and positive momentum, SHIB’s price is positioned for further growth in the market.

The post Shiba Inu Price Set to Surge 650% to $0.000112, Expert Predicts with Fibonacci Analysis appeared first on CoinGape.

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Filed under: News - @ October 7, 2024 12:27 pm