NewsBTC
7 December 2024
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Shiba Inu Analysts Predict 35% Price Surge Amid Market Optimism

This past week has been significant for Shiba Inu, the second-largest meme coin by market valuation. The token experienced a minor drop after a rejection over the weekend but started December positively with a price increase on the 1st.

Analysts remain optimistic about Shiba Inu, projecting that a major breakout could lead to a 35% price increase. Currently trading around $0.00003, technical charts indicate a potential upward move.

A Bullish Trend Is Developing

The coin is forming a bullish pattern on its price chart. Analyst Shib Knight highlighted an ascending triangle on the SHIB/USDT chart, suggesting a breakout is imminent.

If Shiba Inu crosses the $0.000040 barrier, it may rise by nearly 30%. The closing of the chart indicates a significant movement ahead.

Positive Market Mood Supporting Optimism

Shiba Inu's recent success stems from more than technical indicators. Bitcoin's breakthrough of $100,000 has rejuvenated overall market optimism, influenced by political and financial factors.

The prospect of a crypto-friendly administration under Donald Trump has further increased expectations for growth in the meme currency sector.

Some analysts predict Shiba Inu could experience a substantial price increase by 2026, with estimates reaching up to 5,600%.

Solid 2024 Numbers And Long-Term Forecasts

There are predictions of a 629% price increase for SHIB within the next year. With its rise to over $0.00003, investors are examining future movements. Long-term projections suggest Shiba Inu could reach $0.0017 by 2026.

Investors buying now may see returns of up to 5,600%, reflecting the transformative profits sought by many meme coin investors, reminiscent of Shiba Inu's 85,000% rise between 2020 and 2021.

The Road Ahead

Shiba Inu displays strong technical signals and favorable market sentiment, suggesting potential price increases. However, the timing of a breakout remains uncertain. As the price approaches high resistance levels, anticipation builds for the next significant move, with possibilities for surpassing $0.00004.

Featured image from Pexels, chart from TradingView