Shiba Inu (SHIB) surged by 280% in the first quarter of 2024, aligning with Bitcoin’s halving event. However, it faced a significant decline in April and May, now trading around $0.00002213, marking a 2% drop for the day.
Despite the downturn, this dip might be a chance for investors eyeing the next upward trend. A forecasting agency anticipates SHIB could surge by another 125% in the near future.
Shiba Inu’s Potential Growth: Experts Forecast 125% Increase
Cryptocurrency analysts from Finder are expressing optimism regarding Shiba Inu’s price outlook, projecting a potential surge of 125% in the near future. As per their revised forecast, SHIB might climb to $0.00004930 by the year 2025.
This projection indicates that an investment of $10,000 in SHIB today could potentially grow to $22,500, offering significant returns within the span of 12 to 18 months. This optimistic scenario draws parallels to Dogecoin’s remarkable surge in 2021, suggesting that current investors in SHIB could potentially reap substantial gains in the future.
Shiba Inu Price Analysis: Key Levels and Technical Indicators
Shiba Inu is currently trading at $0.00002254, with minor fluctuations observed within a narrow range. The 4-hour chart highlights a pivot point at $0.00002353, serving as a pivotal level for potential shifts in price movement.
Key Price Levels
Immediate Resistance: $0.00002353
Next Resistances: Positioned at $0.00002504, $0.00002636, and $0.00002779. These levels indicate crucial points where selling pressure could intensify.
Immediate Support: Located just below the pivot at $0.00002216
Further Supports: Found at $0.00002135 and $0.00002056, these zones may offer support against any further downtrends.
Technical Indicators
RSI: Currently at 42.00, indicating a lack of strong momentum in either direction.
50 EMA: Positioned at $0.00002315, slightly below the pivot, suggesting near-term resistance.
200 EMA: Found at $0.00002200, offering additional support below current levels.
In Summary
In simpler terms, the technical setup indicates a delicate equilibrium between buyers and sellers, with the pivot point playing a crucial role. The bullish scenario is favored if Shiba Inu stays above $0.00002353, but if it falls below this level, sellers may aim for lower support levels.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.