Crypto enthusiasts experienced a brief scare as Bitcoin’s price plummeted over 10% in just two days, falling to around $93,000. This drastic drop caused a ripple effect, triggering a market bleed among altcoins. One of the tokens hit hardest was Shiba Inu (SHIB), which retested its major support level around $0.0002. Despite this, Shiba Inu has shown remarkable resilience, quickly recovering from its lows.
Yesterday, SHIB hit a low of $0.0000185, only to rebound sharply by 28%. As of this morning, the dog-themed token is trading above $0.000238, reflecting a solid recovery. This demonstrates Shiba Inu’s ability to withstand market volatility and its appeal as a meme coin with strong community backing.
Analyst Predictions for Shiba Inu’s Future
While recent price movements have been volatile, analysts remain optimistic about Shiba Inu’s potential. One of the notable voices in the market, Dollars Maker, has emphasized that SHIB could experience significant upward movement. In a recent TradingView commentary, Dollars Maker stated that he would consider opening a long position, having identified the December 20 price lows as an optimal entry point.
Dollars Maker outlined three potential upside targets for Shiba Inu. First, he expects a 92% surge to $0.00003339, followed by a 163% rise to $0.00004566. The ultimate target, according to his analysis, is a 235% gain to $0.00005816, which would set a new yearly high for the token, surpassing its March 2024 peak of $0.000045.
Other Analysts Share Optimistic Outlooks
Other market commentators are also bullish on Shiba Inu’s short-term prospects. Klejdi Cuni believes that the positive sentiment surrounding the Shiba Inu ecosystem will drive the token towards $0.000070. Cuni pointed out that the recent accumulation around the $0.00002424 support level could provide the necessary momentum for the price to reach this target.
Similarly, Pouyan TradeFX shares an optimistic forecast, suggesting that SHIB could break its multi-year trendline and push toward $0.000074. This would represent a significant move upward, with the potential for a more than 100% surge in the coming months.
Shiba Inu has demonstrated impressive resilience in the face of broader market challenges, and with analysts predicting further price surges, its future looks promising. As the ecosystem continues to grow and gain attention, SHIB’s price action could see substantial upward momentum in the near term.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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