Analysts Predict Significant Price Increase for Shiba Inu

Analysts Predict Significant Price Increase for Shiba Inu

Analysts have forecast a substantial price surge for Shiba Inu (SHIB). A prominent analyst has observed that current SHIB levels may present the lowest prices in the near future. This analysis suggests an impending surge for Shiba Inu investors as the bull market approaches its final phase.

Positive Price Predictions

As of October 28, SHIB traded at $0.00001690, indicating a 0.7% decline. The coin encountered resistance at $0.00001924 last week, resulting in a 12.2% drop. However, analysts anticipate a 100% increase in SHIB's value in the near term, bolstering investor sentiment.

A notable technical pattern on SHIB's price chart is a reverse head and shoulders formation. The neckline of this formation lies near the $0.000019 level. Surpassing this resistance level could trigger a potential 100% price increase, possibly reaching new annual highs. Analyst Oscar Ramos has alerted his followers to "an explosion near," indicating that SHIB is poised for a significant upward movement.

Correlation with Dogecoin

The 97% correlation between SHIB and Dogecoin (DOGE) indicates that the price movements of the two meme coins are tightly intertwined. The growing popularity and bullish trend in DOGE could have a positive impact on SHIB's price. Currently, SHIB's market capitalization stands at $9.9 billion. A 100% price increase could propel its market cap to approximately $20 billion, positioning SHIB just below DOGE.

Support and Resistance Levels

Technical analysis indicates that breaching the $0.000019 resistance could elevate the price towards $0.000029 and $0.000045 levels. The primary support levels are identified at $0.00001620 and $0.00001294. The market momentum of DOGE is seen as a positive signal for SHIB as well. Experts speculate a potential 100% increase in SHIB's price.

Investors may consider SHIB's strong correlation to DOGE and the currently favorable price levels as a potential buying opportunity.

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