A significant rise in the price of Shiba Inu has been anticipated. A well-known analyst noted that the current levels of SHIB could represent the lowest prices in the upcoming days. According to this analysis, an exciting period for Shiba Inu investors is approaching as the final phase of the bull market draws near.
Positive Price Predictions from Analysts
As of October 28, SHIB was trading at $0.00001690, reflecting a 0.7% decline. The coin encountered resistance at $0.00001924 last week, experiencing a 12.2% drop. However, analysts suggest that Shiba Inu could gain 100% in value in the near future, keeping investor interest alive.
A reverse head and shoulders pattern is noteworthy in SHIB’s price chart. The “neckline” of this formation is situated near the $0.000019 level. Surpassing this resistance level could signal a price increase of up to 100%, potentially reaching annual peaks. Analyst Oscar Ramos has alerted his followers, stating that “an explosion is near,” indicating SHIB is preparing for a significant upward movement.
97% Correlation with Dogecoin
The 97% high correlation between Shiba Inu and Dogecoin 
$0.33246 indicates that the price movements of the two meme coins are parallel. The increasing popularity and rising trend of DOGE could positively affect SHIB’s price. Currently, Shiba Inu’s market capitalization stands at $9.9 billion. If the price increases by 100%, its market cap could reach approximately $20 billion, placing Shiba Inu just below Dogecoin.
Support and Resistance Levels
Technical analysis indicates that breaking the $0.000019 level could elevate the price to $0.000029 and $0.000045 levels. The primary support points are identified at $0.00001620 and $0.00001294. The rise of Dogecoin in the market is seen as a positive signal for SHIB as well. Experts consider a potential rise of up to 100% in SHIB’s price.
Investors may view SHIB’s strong connection to DOGE and the current favorable price levels as an opportunity to buy.
