The anticipation around Shiba Inu price is reaching a fever pitch as the meme coin nears a breakout. A top analyst has warned of a massive surge in SHIB price. With a potential 100% price explosion deemed imminent, the current prices could be the cheapest Shiba Inu will ever be as the bull market’s final phase nears kicking off.
On October 28, SHIB price traded at $0.00001690, representing a 0.7% drop. The asset was down 12.2% last week after the price hit a strong resistance of around $0.00001924. Nevertheless, the SHIB price analysis remains bullish as investors are eyeing 100% gains in the coming days.
Shiba Inu Price 100% ‘Explosion Is Imminent’
A top trader, Oscar Ramos, has warned that Shiba Inu price could skyrocket anytime. He shared “Explosion is imminent” to his 60,000 followers on X, suggesting time was running out before a Shiba Inu breakout.
The SHIB price chart shows an inverted head-and-shoulders (H&S) pattern, a bullish reversal market structure. The neckline is around the recent local high, around $0.000019. Above this point, the Shiba Inu price could surge by as much as 100%, returning to yearly highs before retesting previous all-time highs.
Key support levels to watch for are $0.00001620 and $0.00001294, which could hold up the price if bears continue pushing it lower. These, plus the current price of $0.00001690, make great entry points in preparation for the imminent surge.
Conversely, if bulls break above the immediate $0.00001900 (neckline) resistance, the SHIB price could surge to $0.00002900 and beyond that to $0.00004500.
Currently, SHIB has a market cap of $9.9 billion. Shiba Inu price forecast shows a 100% surge in price would drive the market cap to $20 billion, placing it right below Dogecoin (DOGE), ranking 10th among the largest crypto assets by market cap. SHIB would surpass Avalanche (AVAX), Toncoin (TON), and TRON (TRX) and would be just $1 billion shy of surpassing DOGE.
A Dogecoin Pump Could Spark SHIB Breakout
The chances of Shiba Inu price surging 100% in the coming days are higher than ever. According to data from IntoTheBlock, SHIB has a 97% correlation over 60 days to DOGE. This correlation is the highest among the cryptocurrencies listed, emphasizing their unique relationship.
A correlation coefficient of 0.97 (close to 1) indicates that when Dogecoin price experiences an uptick, Shiba Inu price tends to follow suit. This pattern also suggests that market participants view both coins similarly, reacting to news and market events correlatedly.
This information is vital because Dogecoin has recently received much attention from mainstream crypto media outlets and the crypto community. Over the weekend, Elon Musk was introduced as the Co-Founder of the Department of Government Efficiency (D.O.G.E) at a Trump campaign rally in Madison Square Garden causing DOGE price to rise by 3.8%. Analysts predict it could surge 25% by the end of October.
Meet Howard Lutnick, billionaire CEO of Cantor Fitzgerald and visionary co-founder of D.O.G.E. (Development of Government Efficiency). pic.twitter.com/gdGKXWcOCv
— HeadofDoge (@HeadofDoge) October 28, 2024
While DOGE has already broken out, the SHIB price, acting on the 97% correlation, is gearing up for a bullish breakout that will catapult it 100% or more beyond yearly highs.
Frequently Asked Questions (FAQs)
Analysts observe a bullish pattern in SHIB’s price chart, notably an inverted head-and-shoulders (H&S) pattern. This, combined with key support and resistance levels, suggests a potential 100% breakout if SHIB can surpass its neckline resistance around $0.000019.
Current support levels for SHIB are around $0.00001620 and $0.00001294, with critical resistance at $0.000019. If SHIB breaks above $0.000019, it could reach $0.000029 or higher, signaling a major rally.
A 100% price increase would boost SHIB’s market cap to $20 billion, placing it near Dogecoin in the rankings of the largest crypto assets and surpassing competitors like Avalanche, Toncoin, and TRON.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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