Shiba Inu (SHIB) Ready To Roar! Analyst Calls For A 200% Spike

Christian Encila

Last Updated: November 18, 2024 3:35 pm

3 mins read

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Shiba Inu (SHIB) appears to be on the brink of a surge, as crypto analysts predict that the token could experience a 200% increase.

SHIB has begun to catch up to the meme coin frenzy that has seized the crypto market, as evidenced by a 20% gain over the past week and an 7% increase in the past 24 hours. Shiba Inu’s community remains optimistic about the future, despite the fact that its performance still falls short of Dogecoin (DOGE), which has experienced an 30% increase in a week.

According to the crypto analyst Roaring Kitty, the latest momentum of SHIB is actually a “warm-up rally” since it resembles anything seen yet in the context of meme coin price hikes. In his opinion, the basis for an explosive upward movement is currently being laid down, and retail investors are to be credited with the boost.

Examining Shiba Inu’s Recent Price Action

SHIB’s price performance has demonstrated resilience. In late September, it emerged from a protracted downward trend and surged beyond $0.00002150, only to retrace to $0.00001553. The token reached its highest level in seven months, $0.0000303, this month, before ultimately stabilizing in the $0.00002 range.

The current memecoin PA is typical of what we’ve seen before on previous Coinbase listings, take the $SHIB example below:

– Warm up pump of 100-200%
– Consolidates/dips for a week
– Retail frenzy kicks in immediately with a massive +200% green weekly candle

Keep holding. pic.twitter.com/Kb5R1cbGGf

— Crypto Kitty 💹🧲 (@RoaringKitty) November 15, 2024

According to Roaring Kitty, before meme coins enter their parabolic phase, they show this back-and-forth price movement. His research is able to illustrate how SHIB could break above $0.00015 in a retail-driven mania if the cryptocurrency removes a zero from its price.

Additionally, trading volumes have increased, indicating heightened interest and establishing the foundation for a more robust upward movement.

Promising Long-Term Prospects

SHIB’s long-term prospects are equally optimistic, in addition to its immediate successes. Analysts anticipate a 107% price increase in the next six months, with a stabilization of growth at 83% within a year. This optimism is founded on SHIB’s capacity to remain a focal point in the meme coin ecosystem, its ongoing development efforts, and its active community.

SHIB market cap currently at $15 billion. Chart: TradingView.com

Nevertheless, this optimistic outlook is not without its limitations. It will be imperative for SHIB to breach critical resistance levels in order to maintain any rally. Additionally, analysts caution that the token’s performance may be influenced by macroeconomic factors and broader market conditions.

The Future of Shiba Inu Holders

Shiba Inu’s recent price moves and forecasts have rekindled the community. However, SHIB leaves open the question of whether it can sustain its momentum and deliver on such lofty projections as hype continues to rise. For now, at least, the buy call appears pretty straightforward: hold tight and watch for market signals.

After all, the upside potential is huge. But be ready for a breakout, for example, if enthusiasm among retail investors becomes too much to handle. It is, however, of the essence to know the risks as such an investment entails.

Featured image from DALL-E, 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.