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Shiba Inu (SHIB), the popular memecoin, is predicted to experience a significant price increase, according to crypto analyst MMBTtrader. The analyst forecasts a 100% rise, potentially pushing SHIB’s value to $0.0000379, a level last seen in early March.
Despite Bitcoin’s Dominance, Shiba Inu Shows Strength
While Bitcoin has been making headlines with its recent price surge, Shiba Inu has also demonstrated its resilience. The token has appreciated 6.20% over the past seven days, even as Bitcoin’s market dominance grows. This suggests that Shiba Inu has the potential for further upward movement.
MMBTtrader’s Bullish Prediction
MMBTtrader’s analysis on TradingView outlines a scenario where Shiba Inu could reach $0.0000379. The analyst believes that SHIB has already seen a substantial surge from a support level of $0.000011, and this upward momentum could continue.
However, MMBTtrader warns that the climb to this price target may not be a straightforward ascent. He suggests that the price could reach $0.000028 before undergoing a correction to the $0.000021 level, ultimately rising to the anticipated $0.0000379.
Also Read: Shiba Inu Soars 20% – 55% Of Holders Now Profitable—Is A Bull Run Imminent?
Conflicting Analyst Views
While MMBTtrader maintains a bullish outlook, other analysts have expressed differing views on Shiba Inu’s future price action. Analyst SwallowPremium, for instance, suggests a more conservative target of $0.0000216, followed by a potential correction.
SwallowPremium believes that if Shiba Inu fails to break through the $0.0000216 resistance level, it could lead to a downtrend. However, he also acknowledges that a successful breakthrough could pave the way for further gains.
Jack, another analyst, aligns with SwallowPremium’s view, emphasizing the importance of breaking through the $0.0000216 resistance level for further gains.
Shiba Inu’s future price movement remains uncertain, with analysts offering varying predictions. While MMBTtrader’s bullish forecast is promising, it’s essential to consider other perspectives and potential obstacles. Investors should conduct thorough research and consider their risk tolerance before making any investment decisions.
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.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
