Shiba Inu (SHIB) price, a meme-based cryptocurrency, is experiencing a market correction. In recent days, a notable decrease in the SHIB’s value has been observed, indicating a bearish trend. However, some analysts remain optimistic, predicting a potential surge in the near term based on the token performance and market behavior.
Shiba Inu Price Shows Potential for Significant Gains, Analyst Predicts
A crypto analyst shared an X post highlighting a bullish trend for Shiba Inu’s price, indicating a possible strong rally ahead. The analyst pointed out that Shiba Inu Coin recently showed a slight positive response to a Hidden Bull Divergence pattern, signaling significant upward price movement. Despite recent market fluctuations, the analyst suggested the Meme coin could be poised for further growth.
If the ongoing breakout holds, the price target of $0.000081 remains unchanged, with a potential climb of over 330% in the coming period. According to the analyst, Shiba could enter an early phase of significant price continuation.
Will SHIB Price Regain its Momentum?
The meme-based coin has seen a 20% surge over the past month. However, a recent correction has impacted its current SHIB price, which has dropped to $0.00001724, marking a 6% decline in just one day. SHIB has been trading within a narrow range, with a 24-hour low of $0.00001711 and a high of $0.00001833.
On Wednesday, the broader crypto market displayed mixed price movements, sparking speculation among global market observers. BTC managed to maintain its position at the $66,000 mark, showing relative stability.
The Awesome Oscillator (AO) indicates weakening momentum, suggesting that the token may struggle to sustain any upward movement soon.
If the price manages to regain momentum and break through the $0.00002000 resistance, SHIB price prediction could surge toward the $0.00003 mark. However, failure to hold current levels could result in further downward movement.
While the Shiba Inu price has recently corrected, analysts remain optimistic about its potential for a significant surge. Breaking key resistance levels could lead to further growth.
Frequently Asked Questions (FAQs)
Some analysts believe SHIB could surge by 330% if it holds key support and breaks resistance levels.
Analysts have set a price target of $0.000081, contingent on market conditions and breakouts.
SHIB’s price is influenced by market corrections, investor sentiment, and technical analysis patterns like the Bull Divergence.
Coingape Staff
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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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