TLDR
- Shiba Inu (SHIB) appreciated 8.18% in the last week
- Analyst MMBTtrader predicts a 200% increase to $0.000038 for SHIB
- Analyst SwallowPremium has a more conservative outlook, predicting a correction
- SHIB currently trades at $0.00001925
- Key resistance level at $0.0000216 could determine future price action
The meme-inspired cryptocurrency Shiba Inu (SHIB) has been gaining attention in the crypto market. While Bitcoin recently reclaimed the $69,000 mark, SHIB saw an 8.18% increase in the past week.
This price movement has sparked interest among analysts, leading to varied predictions about its future.
Analyst MMBTtrader has shared an optimistic outlook for SHIB. He expects the cryptocurrency to surge by 200%, potentially reaching $0.000038.
MMBTtrader bases this prediction on SHIB’s recent performance, noting that it has already gained 75% from the $0.000011 support level.
The analyst anticipates a pattern of higher highs and higher lows, with an initial push to May’s highs at $0.000028, followed by a correction to September’s highs at $0.000021. If these levels hold, MMBTtrader believes SHIB could reach the targeted $0.00003852.
This analyst predicts that SHIB will continue to rise until it hits $0.0000216, after which it may experience a 35% correction down to $0.000014075.
SwallowPremium suggests that this downtrend could be triggered by a correction to $0.0000195, which might present an opportunity for traders to open short positions.
It’s worth noting that SwallowPremium also acknowledges the possibility of invalidating this bearish outlook. If SHIB breaks above the $0.0000216 price point, it could potentially move much higher than current levels.
As of the latest data, SHIB is trading at $0.00001925. This places it approximately 11% below the key resistance level of $0.0000216 identified by SwallowPremium. The cryptocurrency’s market capitalization currently stands at $11.046 billion.
The conflicting analyses highlight the uncertainty surrounding SHIB’s price trajectory. While MMBTtrader’s projection is based on the continuation of an upward trend, SwallowPremium’s forecast introduces the possibility of a significant correction.
For traders and investors following SHIB, the coming weeks will be crucial. The cryptocurrency’s ability to break and hold above key resistance levels, particularly the $0.0000216 mark, could provide insights into its short-term price direction.
As SHIB approaches these critical price points, market participants will be closely monitoring for signs of a potential breakout or rejection. The cryptocurrency’s performance in the near term could offer valuable insights into its price trajectory for the remainder of the year.
