Shiba Inu (SHIB) is once again making headlines with some intriguing forecasts. Top trader Dexter has set a bold long-term price target for the meme coin amidst market fluctuations, predicting a potential rise from $0.00001389 to $0.00015, which constitutes nearly a 1,000% increase.
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Currently, SHIB has shown a growth of 1.27% over the last 24 hours and more than 7% over the past week. However, it seems to be struggling for traction even as the larger cryptocurrency market trends upwards.
Analyst Krao at TradingView has a somewhat differing outlook. With a staggering 7,300% potential gain from its current price, Krao is optimistic that SHIB could rise to $0.001 by early 2025.
This optimistic stance is based on a fundamental technical pattern observed on the monthly chart. SHIB has struggled in a prolonged downtrend since reaching its all-time high of $0.000088 in October 2021. According to Krao, a breakout from this declining wedge could trigger a significant rally and elevate SHIB’s price.
Shiba Inu: Short-Term Forecast
In contrast to Krao’s long-term optimism, CoinCodex presents a more cautious short-term outlook for SHIB. Their analysis suggests a gradual price decline of 0.69%, potentially reaching $0.00001397 by October 13, 2024.
With the Fear & Greed Index indicating a level of fear at 32, the overall market sentiment appears neutral. This reflects a degree of anxiety that may impact SHIB’s short-term price movements. Nevertheless, some analysts advise that for those considering future gains, now may still be a favorable time to buy SHIB.
Current Market Sentiment
Earlier this week, SHIB’s price dipped into the $0.000012 range before experiencing a slight recovery. The token’s performance has been lackluster over the weekly and monthly periods, with a recent price trend showcasing more unfavorable days than optimistic ones.
Retail investors appear to be shifting their investments to other meme tokens like PEPE and Dogelon Mars, which are currently outperforming SHIB. Despite these challenges, Dexter maintains a positive outlook.
He anticipates that SHIB could potentially eliminate another zero, thereby increasing its valuation in the coming months. With a market cap exceeding $7.78 billion, SHIB remains a significant player in the cryptocurrency landscape.
Support And Resistance
Dexter’s analysis identifies key support levels for SHIB, primarily between $0.00001076 and $0.0000120. These support levels are crucial for SHIB to mount a recovery and build momentum. If it falls below these levels, it could plummet significantly to $0.000007.
This potential drop represents a 47% decrease from its current value and another decline from its annual high of $0.000045, achieved in March. Technical indicators suggest that SHIB stands at a critical juncture. Its ability to maintain these support levels will greatly influence its chances of a rebound.
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Looking Ahead
As Shiba Inu navigates its current challenges, various analysts offer differing perspectives. While Dexter’s long-term optimism and Krao’s bold forecasts create a multifaceted scenario, CoinCodex presents a cautious short-term outlook predicting a decrease in SHIB’s price.
Dexter’s optimistic long-term target highlights a significant contrast with Krao’s forecast of a potential rally. Investors should carefully consider the insights from CoinCodex, Dexter, and Krao as they assess SHIB’s future amidst ongoing market volatility.
Featured image from Revolutionized, chart from TradingView
