In September, despite investor fears, Shiba Inu reached a three-month high, showcasing a positive performance in the cryptocurrency market. Following the Federal Reserve’s decision to lower interest rates, the market experienced a general uptick, and the price of SHIB rose by 51% within the week, achieving new heights. However, the subsequent decline has raised concerns among many investors. Nevertheless, analyst Oscar Ramos presented an analysis that shifts these concerns.
Expert Opinions on Shiba Inu
SHIB is the second most popular token among memecoins, providing significant gains for investors. In recent days, SHIB’s price peaked at $0.00002148 but has now dropped to $0.00001964, with a market cap and trading volume of approximately $11.57 billion and $1.41 billion, respectively.
Price Predictions
The Dogema-themed memecoin SHIB remains in a strong buying zone. The RSI indicator suggests that the token is overbought and has entered a phase of price consolidation today. If this sentiment ends, particularly if the token breaks the third resistance level of $0.00002172, an upward trend may begin. In his comments on memecoins, Ramos noted, “I have news for SHIB. A 750% rise is realistic, targeting $0.00017.”
Ramos predicts that SHIB’s price could reach $0.000045 by the end of 2024 and target $0.00017 in 2025. He highlighted that in February, SHIB’s price increased by 400% within just ten days.
Compared to major cryptocurrencies like BTC and ETH, memecoins tend to be more volatile, and SHIB’s strong technical indicators and high demand are viewed as promising signs for future price increases. Ramos’s analysis emphasizes that investors should closely monitor SHIB.
Currently, Shiba Inu is entering a consolidation phase, while the rise of Dogecoin 
$0.13599 poses competition. However, considering the current market conditions and technical factors, SHIB is expected to rise again. Experts like Ramos anticipate further gains for SHIB.
The development of SHIB presents potential opportunities for investors when evaluated against general trends in the cryptocurrency market and expert opinions. However, it is also noted that caution is necessary due to high market volatility.
