Gushiken Yona
Shiba Inu stares down a dramatic forecast. One analyst now projects a potential 14-fold surge based on technical charts. Yet this bullish call directly confronts a complex market picture, featuring slight increases in the Shiba Inu price alongside recent indicators unfavorable to SHIB longs.
The forecast originated from an analyst using the handle @CryptooELITES on the social platform X on Thursday. The analyst shared a technical chart for the SHIB token paired against USDT.
They pointed to specific patterns interpreted as a “strong buy zone” and projected a price target implying a roughly 14-fold increase from recent levels. Technical analysis aims to predict future movements based on past price action and chart formations, but such forecasts are speculative.
Current Shiba Inu Price and Market Snapshot
This projection emerged as Shiba Inu navigated the market with relative quiet, showing stability rather than dramatic shifts. As of 4:56 a.m. ET, the token’s price was approximately $0.00001245, marking a slight 1.5% increase over the preceding 24 hours, according to CoinMarketCap data. While positive, this modest gain offered little immediate support for predictions of explosive growth.
The minor uptick pushed Shiba Inu’s total market capitalization to $7.34 billion, also up 1.5% on the day. This substantial market cap underscores SHIB’s significant presence within the cryptocurrency landscape, placing it well above many smaller projects despite its origins as a meme coin.
Trading volume over the same 24-hour period reached roughly $225 million. This level of activity indicates consistent engagement from traders, yet when paired with the small price change, it suggests a lack of strong buying or selling pressure needed to drive a major price move in either direction at that specific time.
Derivatives Market Adds Caution to Shiba Inu Price Outlook
While the analyst saw potential for a significant rally, data from the derivatives market suggested recent headwinds for bullish traders. Figures from Coinglass on Friday showed that 24-hour trading volume in SHIB derivatives contracts had fallen sharply, down almost 27 percent to about $147.6 million.
Conversely, open interest—the value in active contracts—ticked up slightly by 1.77 percent to $115.4 million. Further metrics pointed towards recent struggles for those betting on a price rise.
The overall long/short ratio was 0.95, indicating slightly more capital positioned short. More significantly, liquidations disproportionately hit long positions. Over the 24 hours leading up to Friday, Coinglass data showed roughly $210,000 in longs were liquidated compared to only about $50,000 in shorts. This pattern often indicates that recent price movements have worked against optimistic traders.
The contrast between the analyst’s technical forecast and the derivatives data underscores the often-complex dynamics influencing cryptocurrency prices. Market conditions for assets like Shiba Inu remain fluid and subject to various factors.
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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.
