The leading dog-themed memecoin Shiba Inu (SHIB) has started to draw the attention of cryptocurrency enthusiasts with its recent performance and significant growth potential. Despite lagging behind its peers in the current market uptrend, analysts predict a potential 52% increase for Shiba Inu, reaching $0.00001492.
Shiba Inu Anticipated to Climb Over 50%
In recent days, although there has been a notable increase in the price of Shiba Inu’s SHIB, it has not fully participated in the ongoing relief rally in the cryptocurrency market. Earlier this week, the altcoin made headlines with a 4% rally on February 15 that pushed it above the $0.00001 level, but the excitement was short-lived as it later fell below $0.00001, currently trading around $0.00000973.
A well-known cryptocurrency expert and Shiba Inu enthusiast, SHIB KNIGHT, recently tweeted an optimistic outlook for the future of SHIB. According to the expert’s prediction, Shiba Inu could surpass the $0.00001 barrier again and potentially reach levels of $0.00001011, $0.00001193, and $0.00001309. In particular, the analyst expects a significant rise of 52.7%, ultimately reaching $0.00001492.
The expert’s predictions are supported by the ongoing positive sentiment in the market and the recent uptick in Shiba Inu’s weekly chart. Notably, SHIB recently crossed the 50-day Exponential Moving Average (EMA) at approximately $0.00000940, a move that historically led to an 80% price increase in October 2023. Moreover, significant support levels for Shiba Inu are found at $0.00000953, $0.00000896, and $0.00000880. These levels could play a crucial role in supporting SHIB’s price amid any market fluctuations.
Current Status of SHIB
With the latest data, SHIB is currently trading at $0.00000973, down 1.83% in the last 24 hours, with a market value of $5.84 billion. Despite a 88.7% drop from its all-time high in October 2021 of $0.00008616, Shiba Inu maintains its support above the EMA20 trend line.
The Relative Strength Index (RSI) hovers around 65, and the 20-day EMA is on an upward trajectory. Both conditions indicate that despite the pressures on the price, sellers do not currently have a clear advantage in the market.
