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Once again, Shiba Inu (SHIB) is making waves with some fascinating predictions. Top trader Dexter has set an ambitious long-term target for the meme coin despite the market volatility, expecting it to rise from $0.00001389 to $0.00015, which is almost a 1,000% increase.
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SHIB is showing growth of 1.27% in the last 24 hours and over 7% in the last week. Yet it is not gaining much traction even as the larger crypto market shows an improving trend.
Analyst Krao at TradingView comes up with a slightly different prediction. With no less than 7,300% gain from the current priceKrao is hopeful that SHIB may rise to $0.001 in early 2025.
His positive view is based on a fundamental technical pattern that can be seen on the monthly chart. SHIB has been in a prolonged decline since hitting its all-time high of $0.000088 in October 2021. A break from this diminishing wedge formation could spark a big rally and propel SHIB skyward, according to Krao.
Shiba Inu: short-term forecast
Contrary to Krao’s long-term hopes, CoinCodex presents a more cautious near-term SHIB projection. Their research shows that the price is expected to gradually decline by 0.69%, perhaps reaching $0.00001397 by October 13, 2024.
Since the Fear & Greed Index indicates a fear level of 32, the overall mood is neutral. This reflects some degree of market fear that could impact short-term fluctuations in SHIB. Despite this, some analysts advise that given the possibility of future gains, now could still be a good time to buy SHIB.
Current market sentiment
Before the price recovered somewhat, SHIB’s price fell to the $0.000012 area earlier this week. The token’s performance has been disappointing on a weekly and monthly basis. The recent path has seen more gloomy days than hopeful ones.
Apparently it is retail investors who are moving their money to other joke currencies such as PEPE and Dogelon Mars, which are now outperforming SHIB. Dexter maintains a good perspective on these difficulties.
He hopes SHIB can eradicate another zero, increasing its value in the coming months. With a market capitalization of over $7.78 billion, SHIB is still quite prominent in the digital currency world.
Support and resistance
Dexter’s research identifies critical areas of support for SHIB, typically between $0.00001076 and $0.0000120. SHIB needs these support levels if it wants to get going again and increase momentum. Should SHIB fall from these levels, it could drop significantly to $0.000007.
From today’s value, this possible decline would be 47%; from the yearly high of $0.000045 reached in March, this would mark yet another dip. Technical signs indicate that SHIB is at a turning point. Whether the country can maintain these key levels of support will largely determine its ability to recover.
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Looking ahead
As Shiba Inu negotiates the current issues, several analysts present conflicting views. While Dexter’s long-term optimism and Krao’s ambitious predictions offer a more complicated picture, CoinCodex offers a cautious short-term forecast projects a decline in SHIB’s price.
Dexter’s optimistic long-term target highlights a notable difference in perspective compared to Krao’s forecast for a big rally. These insights from CoinCodex, Dexter and Krao should be carefully considered by investors assessing SHIB’s future under continued market uncertainty.
Featured image of Revolutionized, chart from TradingView
Credit : www.newsbtc.com
