Shiba Inu Price Rises 14% with Analysts Predicting 180% Rally
Shiba Inu (SHIB), the second-largest memecoin by market cap after Dogecoin (DOGE), is currently trading at $0.00002877, reflecting a 14% increase over the past day. Despite this rise, SHIB remains down 4.3% for the week and 66.6% below its all-time high of $0.00008616 from 2021. Analysts see a potential bullish trend for SHIB.
Shiba Inu’s Next Big Move
Crypto analyst Javon Marks has shared a positive forecast for SHIB's price action, citing a recurring bullish pattern that suggests a significant upward move is possible. He indicated that SHIB could reach $0.000081, representing a potential 180% increase from its current value. Marks noted that this target appears achievable based on recent movements, which may attract both retail and institutional investors.
$SHIB (Shiba Inu) has confirmed yet another Bullish Pattern... we can be in for yet another major upside move, but with breakouts holding and one implying $0.000081 to be in play...
— JAVON MARKS (@JavonTM1) December 11, 2024
Broader Altcoin Market Outlook
While discussing SHIB, analyst Captain Faibik provided insights into the broader altcoin market, suggesting a positive outlook. He highlighted Bitcoin's dominance forming an ascending trendline, indicating a potential 48% correction, and advised investors to view recent dips as buying opportunities rather than reasons for panic selling.
Marks also extended his bullish perspective to Dogecoin (DOGE), noting its strength and potential to rally to $0.6533, with possibilities of reaching as high as $1.2511 if it breaks through key resistance levels. This would represent a 56% to 90% increase from current levels, indicating further growth potential in the memecoin market.
Featured image created with DALL-E, Chart from TradingView