Bullish Shiba Inu (SHIB) Price Prediction: 50% Rally Incoming?
The post Bullish Shiba Inu (SHIB) Price Prediction: 50% Rally Incoming? appeared on BitcoinEthereumNews.com.
TL;DR Analysts predict SHIB could see significant gains if it breaks key resistance, with reduced exchange supply supporting the bullish forecasts. Shibarium’s progress could also drive the meme coin’s next rally. SHIB Gearing up for Another Pump? The cryptocurrency market experienced a substantial correction in the past few days, with leading assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and more heading south. The meme coin sector was not spared, too, and Shiba Inu (SHIB) is among the numerous tokens plunging from their local peaks. Currently, the self-proclaimed Dogecoin killer trades at around $0.00002472 (per CoinGecko’s data), which still represents a solid 46% increase on a monthly scale. SHIB Price, Source: CoinGecko Some analysts believe the asset has yet to jump high, assuming it exceeds some important resistance levels. One X user predicted a 50% pump if SHIB rises above $0.00002800. “The current setup suggests a bullish continuation, so traders should watch for confirmation of the breakout while placing stop-losses below the support zone to manage risk. SHIB remains a key asset to monitor for short-term growth,” the analyst added. Charting Guy also weighed in, envisioning a massive price explosion to as high as $0.00022 (an 800% rise from current levels). “Are your bags packed enough for something like this,” he asked. Other analysts outlining bullish SHIB predictions include Crypto King and Ali Martinez. The former thinks the meme coin could mimic Dogecoin’s (DOGE) exponential rally. For his part, Martinez noted that almost 1.7 trillion SHIB tokens had been withdrawn from exchanges on a 24-hour scale at one point last week. “The last time we saw a similar spike, Shiba Inu surged 62% in price,” he added. According to CryptoQuant, the amount of SHIB held on exchanges has declined sharply over the past few months, reaching its lowest level in three…
Filed under: News - @ November 27, 2024 1:25 pm