Shiba Inu On The Verge Of 600% Rally? Analyst Weighs In

Often called the “Dogecoin Killer,” Shiba Inu is expected to have a substantial price increase. With a daring estimate of a 600% rise that would propel the meme coin to an incredible $0.000075, market analyst Ashish has generated buzz.

Following what Ashish described as an almost two-year-long nap inside a consolidation pattern, this optimistic projection is broke out from this price purgatory at last in December 2023, crossing a pivotal resistance trendline. Early March saw a 370% increase from the breakout, which also set a 2024 high of $0.000045.

However, the party wasn’t meant to last. A correction ensued, prompting Ashish to establish strategic buying zones between $0.000022 and $0.000025.

Shiba Inu: Enter The Flag Pattern

On the 1-hour chart, Ashish’s crystal ball picks a bullish flag formation suggesting a possible “second leg up.” Often foreshadowing further upward trend, this technical indication points to a period of consolidation following a significant price increase.

Shiba Inus seem to have space for expansion even if their price dropped somewhat today. At around 48, the daily Relative Strength Index (RSI) shows that the coin is neither overbited nor oversold. This neutral ground points to possible upward mobility in line with Ashish’s second leg up projection.

SHIB Price Forecast

By June 24, 2024, CoinCodex’s present Shiba Inu price projection shows a growth of 220%, maybe bringing $0.00008089. While the Fear & Greed Index indicates Extreme Greed, CoinCodex’s technical indicators at present show a Neutral attitude. Shiba Inu has had 12 out of 30 green days (40%), with a price volatility of 4.40%, over the past 30 days.

These numbers make it very evident that Shiba Inu’s market behaviour attracts a lot of investment attention. The Extreme Greed reading on the Fear & Greed Index points to a great degree of excitement, which, although favourable for possible price increases, also calls for prudence given the risk of quick changes in emotion.

The modest volatility of the coin and the regularity of green days point to a consistent, though erratic, increasing momentum. Shiba Inu is a remarkable asset to monitor in the next months because of these elements.

Most folks at this time have no concern regarding the Shiba Inu price estimate. Twenty technical analysis tools displaying positive trends and eight displaying negative trends support this view.

This divide of view reveals how unstable and dangerous cryptocurrencies are just by nature. Given several of the indicators point to favourable outcomes, there is hope for the Shiba Inu’s short term future. Good news or current market activity could be responsible for this.

Featured image from Top Gear, chart from TradingView