Shiba Inu Price Prediction Today

Analyst Predicts Shiba Inu Surge: Potential for 178% Return

An analyst predicts a significant surge for Shiba Inu, potentially reaching its all-time high. In October 2021, Shiba Inu peaked at 0.000048845. To achieve that level again, it would need to increase by 178%.

Improved Market Conditions

Technical analysis suggests this is feasible due to improving market conditions. The market is seeing a rise in green zones among the top 10 cryptocurrencies, with Bitcoin trading above $100,000.

Resistance and Price Increase

Analyst Austin Hilton identifies a crucial resistance level of 0.00004033 that Shiba Inu must surpass. Currently trading at 0.00003247, Shiba Inu has experienced a 6% gain in the past 24 hours. Breaking this resistance is expected to trigger a significant price increase.

Historical Trend and Future Outlook

Shiba Inu has been in a downward trend for three years, but this is shifting. Favorable market conditions, along with new leadership and crypto-friendly policies, indicate a positive phase for the crypto market beginning in January. This could lead to a significant bull run, benefiting Shiba Inu as a leading meme coin.

Market Cap and Potential

Shiba Inu and Dogecoin dominate the meme coin sector, holding market caps of $18 billion and $66 billion, respectively. The meme coin sector accounts for over $130 billion, highlighting the potential for growth in Shiba Inu's market capitalization.

Consolidation and Breakout Pattern

Shiba Inu often consolidates before breaking out. After a period of consolidation, the coin typically experiences considerable price movements. Past breakouts have resulted in gains of up to 60% within eight days. Similar movements could occur as capital flows into the crypto market.