Shiba Inu Eyes Explosive 430% Climb As Momentum Builds —Analyst

Christian Encila

8 months ago

2 mins read

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Analysts have taken notice of Shiba Inu (SHIB) recently, which sees an unusual strength even when the greater crypto market gets into chaos. Optimism for the massive upswing in price came after a recent breakout from a falling wedge pattern. This technical development could be a sign of a downtrend turning into a bull’s market and could see a heavy price rise.

Technical Analysis Signals Potential Upsurge

On 20 August, Shiba Inu came out of a falling wedge pattern–a sign that bearish momentum was dwindling. According to crypto analyst Javon Marks, this breakout is a highlight in his report. He believes SHIB can head straight for an enormous rally with a goal price in the region of $0.000081.

That will amount to a solid 430% increase from its current level of $0.00001327. Even with recent market declines, the breakout above the upper trendline has kept SHIB consistent. Analysts are hopeful that as market conditions calm, this technical change points toward a possible rally.

Santiment’s Take And SHIB Price Prediction

On the other hand, though, investor sentiment sends out contrary signals. On-chain market intelligence platform Santiment says there is a lot of fear, uncertainty and doubt for the Shiba Inu investors.

The population of holders with less than 1 billion SHIB has fallen to its lowest since last November. There’s a pretty sharp drop in social media interest in SHIB, as well. This may also signify a more negative mood among investors in general.

SHIB market cap currently at $7.8 billion. Chart: TradingView.com

But the most recent estimate from CoinCodex indicates Shiba Inu’s short-term approach being more conservative. With SHIB, the negativity is reportedly low since it is predicted to drop to almost -0.46%. The October 18, 2024 amount will be $0.00001323.

The current Fear & Greed Index of 45 reminds investors that fear is on the high end. The past 30 days reflect a pretty meager number of green days at 16 and volatility in terms of price stands at 4.52%. So, it goes without saying that the prognosis in recent times for SHIB has been mixed and uncertain.

Shiba Inu: Mixed Signals

Optimism and caution appear to be mixed up with the current situation of the Shiba Inu. Market mood and the prospects over the short run are in a more pessimistic condition even as the technical indicators put forward the possibility of a strong rally ahead.

These mixed signals should be carefully taken into consideration by investors and may want to sit back and wait for a few more such signs before going ahead to make investments. As always, it is good to be informed and cautious to pull through the uncertain times effectively.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.