Gushiken Yona
Could Shiba Inu (SHIB) be about to explode? A major crypto analyst believes so, forecasting a substantial price surge to $0.00003630. Is this the catalyst SHIB investors have been waiting for?
Prominent analyst Carl Runefelt, known on X as @TheMoonCarl, predicted Shiba Inu could experience a potential rally to $0.00003630. Runefelt’s prediction centers on SHIB’s current consolidation within a descending wedge pattern.
This technical formation, often interpreted as a bullish reversal signal, suggests that downward pressure may soon abate, potentially paving the way for a significant price increase. A breakout above the wedge’s upper resistance line, according to the analyst, could propel SHIB towards his projected target, representing a roughly 42% increase from current levels.
Shiba Inu Chart
The analyst also provided a Shiba Inu chart, which highlights several key factors supporting his prediction:
Resistance and Breakout: The wedge’s upper boundary serves as a critical resistance level. A decisive break above this line would be a crucial indicator of bullish momentum.
Trading Volume: Historically, successful breakouts are accompanied by increased trading volume. Currently, volume remains relatively muted, suggesting that a catalyst is needed to trigger a sustained rally.
Upside Potential: Reaching the projected target would represent a return to price levels last seen earlier this year, indicating a resurgence in investor interest.
However, it is worth noting that Shiba Inu’s history is marked by significant volatility. The token has experienced both periods of intense community-driven rallies and stretches of market stagnation. Runefelt’s bullish outlook reflects SHIB’s past performance, characterized by dramatic price swings often linked to social media trends and retail investor sentiment.
However, caution is warranted. The cryptocurrency market remains highly volatile. Macroeconomic factors, regulatory developments, and shifting investor sentiment could all significantly impact SHIB’s price, potentially derailing any upward momentum. While the technical analysis presented is compelling, it’s crucial to remember that such analyses are not guarantees of future performance.
Shiba Inu Price Action
As of 4:15 a.m. ET on Tuesday, Shiba Inu was trading at $0.00002528, reflecting a nuanced shift in its recent performance. Over a 24-hour period, Shiba Inu’s trading volume rose by 5.59% to $1.31 billion, suggesting increased market activity despite the token’s price dipping by 0.29% during the same period.
Analyzing its broader price trajectory, SHIB has endured a 12.67% decline over the past week, indicative of short-term bearish pressure, while maintaining an impressive 34.06% surge over the past month, hinting at renewed investor interest following earlier lows.
Data from CoinMarketCap highlights the current circulating supply of SHIB at a staggering 589.26 trillion tokens, anchoring its market capitalization at $14.78 billion. This positions Shiba Inu as one of the more significant assets in the crypto space by market cap.
Community sentiment, as tracked by CoinMarketCap, underscores its divisive appeal: an overwhelming 89% of user sentiment is bullish, compared to just 11% bearish. This disparity signals robust optimism among the Shiba Inu community, even as the token grapples with short-term market volatility.
Read More
- Shiba Inu Isn’t Done Yet, Analyst Projects Potential 216% Surge To $0.000081
- Is Shiba Inu About to Explode? Analyst Predicts Major Breakout
- Shiba Inu Unleashes Fury: Breakout Potential Sparks Bullish Frenzy
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.
