Shiba Inu On The Verge Of 600% Rally? Analyst Weighs In

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,302,031,140,370	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,302,031,140,370

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-386.72	-0.58%	66,252.28	66,241.67	66,241.68

Price Change

Price Change %

Current Price

Bid Price

Offer

-386.72

-0.58%

66,252.28

66,241.67

66,241.68

High Price	Low Price	Open Price	Prev. Close	52 Week Range
66,871.74	66,104.55	66,636.61	66,639.00	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

66,871.74

66,104.55

66,636.61

66,639.00

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	07:23:20	0.000030	66,256.93	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

07:23:20

0.000030

66,256.93

USD

Price x Volume	Volume	Base Symbol	Related Pairs
99,862,364.15	1,503.37	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

99,862,364.15

1,503.37

Shiba Inu On The Verge Of 600% Rally? Analyst Weighs In

25/05/2024 10:00pm

NEWSBTC

Shiba Inu, known as the “Dogecoin Killer,” is eagerly anticipating a significant price leap. Market analyst Ashish has sparked excitement with a bold prediction: a 600% surge that could catapult the meme coin to an impressive $0.000075. Related Reading: Ethereum Eyes $4,000 Comeback Fueled By Bullish Buying Spree This bullish forecast comes after what Ashish describes as a nearly two-year-long slumber within a consolidation pattern. December 2023 saw Shiba Inu finally break free from this price purgatory, breaching a crucial resistance trendline. The breakout ignited a rally that culminated in a 370% surge, reaching a 2024 high of $0.000045 in early March. However, the party wasn’t meant to last. A correction ensued, prompting Ashish to establish strategic buying zones between $0.000022 and $0.000025. Shiba Inu: Enter The Flag Pattern Ashish’s crystal ball sees a bullish flag pattern emerging on the 1-hour chart, hinting at a potential “second leg up.” This technical indicator suggests a period of consolidation following a sharp price increase, often acting as a precursor to another upward movement. Despite a slight price dip today, Shiba Inu appears to have room for growth. The daily Relative Strength Index (RSI) currently sits at nearly 48, indicating that the coin is neither overbought nor oversold. This neutral territory suggests potential for upward movement, aligning with Ashish’s prediction of a second leg up. SHIB Price Forecast Meanwhile, CoinCodex’s current Shiba Inu price prediction forecasts a rise of 220%, potentially reaching $0.00008089 by June 24, 2024. CoinCodex’s technical indicators currently show a Neutral sentiment, while the Fear & Greed Index stands at 76, indicating Extreme Greed. Over the past 30 days, Shiba Inu has seen 12 out of 30 green days (40%) with a price volatility of 4.40%. Given these metrics, it’s clear that Shiba Inu’s market behavior is capturing significant investor interest. The Extreme Greed reading on the Fear & Greed Index suggests a high level of enthusiasm, which, while positive for potential price gains, also warrants caution due to the possibility of rapid sentiment shifts. The coin’s moderate volatility and the occurrence of green days indicate a steady, albeit unpredictable, upward momentum. This combination of factors makes Shiba Inu a fascinating asset to watch in the coming months. Related Reading: Next Big Move For Bitcoin: Analysts Predict A Potential Breakout At $71,500 As of today, the overall sentiment for the Shiba Inu price prediction is neutral. This assessment is supported by technical analysis indicators, where 20 indicators are showing bullish signals, while eight are signaling bearish trends. This balanced sentiment reflects the inherent volatility and speculative nature of cryptocurrencies. The fact that a significant number of indicators are bullish suggests there is optimism about Shiba Inu’s short-term potential, possibly driven by recent market activities or positive news. Featured image from Top Gear, chart from TradingView

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