AlthoughflyingundertheradarconcerningpricemovementsduringBitcoin’srecentbullrun,thedog-themedcryptocurrencyShibaInu(SHIB)wasabletoappreciate8.18%inthelastweekwhileBitcoinreclaimedthe$69,000markonFriday.Analystshavealreadypredictedfurtherupwardpotentialforthismemecoin.
AnalystPredicts200%SurgeForShibaInu
CryptoanalystMMBTtraderseemsratherpositiveaboutthefutureprospectsofShibaInuasheexpectsa200%increaseto$0.000038.Ashesays,theSHIBhadalreadyregistereda75%gainfromthe$0.000011supportlevelwithinthepricechart.ThealtcoinhadindeedralliedfromthedemandzoneintheearlyperiodsofAugustandSeptember,accelerateditspace,andsettledat$0.000019.
ForSHIB,MMBTtraderpredictsthatitwillnotjustconsolidateto$0.00003852.Asamatteroffact,heexpectsthehigherhighsandhigherlowspatternwheretheinitialpushtoMay’shighsat$0.000028willthenbecorrectedtoSeptember’shighsat$0.000021.Incasethoselevelshold,thememecoincouldpulltothetargeted$0.00003852.
ConflictingViews:BearishOutlookFromSwallowPremium
MMBTtraderstillremainsbullishaboutShibaInu,butSwallowPremium,ontheotherhand,isalittlemoreconservative.Hesaysthatthecryptocurrencywouldcontinuetogoupuntilithits$0.0000216,andthencorrect35%downto$0.000014075.Hisanalysisreadsthatthedowntrendwouldbetriggeredbyacorrectiondownto$0.0000195,whichmaybeagoodtimetoopenashortposition.
However,PremiumalsocautionsthatifSHIBbreaksoverthepriceof$0.0000216,abearishoutlookcouldbeinvalidated,sendingthepricemuchhigherthanwhatithasalreadyrecorded.
ShibaInu’sPricePathForward
ShibaInutradesat$0.00001925,closeto11%belowthelevelof$0.0000216resistance.VariouspredictionsmadebymarketexpertsconveyadivergenceofsentimentonSHIBtrajectory.MMBTtraderprojectionforapossible100%increaseisbasedonanunderlyingconvictionforperpetuationofanupwardtrend.SwallowPremiumsoundsanoteofcautionwitha‘critic’viewofcorrectingit.
ShibaInu’sfuturepriceactiondependsonbreakingkeyresistancelevelsandmaintainingmomentum.AsSHIBnearscrucialpricepoints,traderswillwatchforbreakoutsigns.Thecomingweekswillbecriticalindeterminingwhetheritcanrisefurtherorfaceanotherrejection.
FeaturedimagefromPexels,chartfromTradingView
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