Gushiken Yona
Shiba Inu (SHIB) is poised for liftoff, with a new analyst forecast projecting a 216% surge to $0.000081 for the dog-themed altcoin.
The forecast, based on technical analysis, suggested a dramatic potential turnaround for SHIB, which had experienced periods of volatility. Javon Marks (@JavonTM1 on X) made a bullish prediction about Shiba Inu earlier.
The analyst’s optimism stemmed from several key indicators. A recent breakout above a significant downtrend line signaled a potential shift in momentum. This, combined with what the analyst identified as bullish divergences, pointed towards increasing buying pressure.
The analyst also highlighted key support and resistance levels on the SHIB price chart, suggesting that the breakout above a crucial resistance zone would likely now act as a strong support level, further bolstering the potential for upward movement.
“$SHIB (Shiba Inu) made an approximately +57% move after the attached analysis in a major surge but this can be far from done as both divergences and breakouts can be calling for higher,” the analyst said. The analyst’s price target of $0.000081 represented a substantial increase from SHIB’s current trading price.
However, the analyst also suggested that even higher levels could be within reach. The strength of the post-breakout action hinted at the possibility of SHIB’s price surpassing the initial target.
“Prices of Shiba can still be poised for an over 216% move to $0.000081 but with the extensive post-breakout action, this is looking like a target that can be broken above, bringing unprecedented levels into play, like $0.0001553,” they added. This potential for further gains added to the excitement surrounding the analyst’s forecast.
Shiba Inu Price Action
Shiba Inu’s price as of 12:19 a.m. ET on Sunday, stood at $0.00002396, reflecting a dynamic week of trading activity. While the coin experienced a 5.50% dip over the past 24 hours, it registered gains of 6.44% over the past week and a substantial surge of 27.28% over the past month. This volatility underscores the inherent dynamism of the cryptocurrency market, where short-term fluctuations can occur alongside longer-term trends.
The 24-hour trading volume reached $1.30 billion, indicating robust market participation and interest in SHIB. High trading volume can suggest increased liquidity and price discovery, but also reinforces the potential for rapid price swings. This substantial volume, coupled with the recent price volatility, underscores the importance of cautious investment strategies.
With a circulating supply of 589.26 trillion SHIB, the market capitalization of Shiba Inu reached $14.14 billion., according to data from CoinMarketCap. This market cap places SHIB among the more prominent cryptocurrencies by market size.
However, the substantial circulating supply should be considered when evaluating the price per individual SHIB token. The interplay between circulating supply, market capitalization, and price per token is a crucial factor in assessing the potential value and future trajectory of any cryptocurrency.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
