The post Shiba Inu Coin to Hit $0.0004729? 1700% Price Prediction By Analyst appeared on BitcoinEthereumNews.com.

Shiba Inu coin has indicated a three-year long cup and handle pattern which is a positive pattern on the price chart. This pattern seen on the weekly candle of SHIB indicates the possibility of the upward movement to continue. Market analyst CryptoELITES recently pointed out this formation and what it could mean for Shiba Inu price. SHIB has a descending trendline acting as a resistance level from October 2021 as depicted by the chart. According to the analyst, a break of this resistance may open the way to targets of $0.000085171, $0.000183312, and as high as $0.0004729. This forecast puts a possible rise of 1,700% from the current price of $0.00002802 for SHIB. – Advertisement – Source: X Another key factor that can influence the probability of SHIB rising is the flow of capital in the market particularly that of Bitcoin. CryptoELITES also pointed out that the decline in Bitcoin’s dominance could lead to a transfer of capital to other coins or tokens, including altcoins and meme-inspired assets such as SHIB. In the last few weeks, Bitcoin dominance has been falling from 61.53% to 54.78% and has recently been hovering at around 57.17%. If this continues then it will be very possible for Shiba Inu coin to get more investment and rise even further. Previous Shiba Inu Coin Predictions Align with Bullish Outlook There are other analytical views that go further and look into the future SHIB with similar optimism for the price prediction. In a market analysis on 23rd April 2024, Wong indicated that the next bullish trend may push SHIB to $0.0001. In July 2024, the chairman of CIFDAQ Blockchain Ecosystem upgraded the price range of SHIB to $0.0001 – $0.0003 in case the market recovers. They both named ecosystem development and market trends as factors that can…

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Filed under: News - @ December 14, 2024 1:17 am