Crypto Analyst Predicts 100% Surge For Shiba Inu, But There’s A Roadblock
January 03 2024 - 6:00PM
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Through the rips and dips of the crypto market, the Shiba Inu price
has been able to maintain a rather consistent bullish momentum,
something that cannot be said for a lot of cryptocurrencies. Given
this sustained bullish sentiment, the meme coin is primed to be one
of the assets to see a massive rally as the market inches toward
another bear market. In the short term alone, pseudonymous crypto
analyst MMBTtrader is predicting that the price will mount a 2x
rally. Shiba Inu Price Ready To Rise 100% In a recent analysis,
crypto analyst MMBTtrader reveals why they believe that the Shiba
Inu price is set to double. As the chart shows, there has
been a steady uptrend in the Shiba Inu price over the last few
months, and even when the uptrend seemed to have come to an end,
the SHIB price maintained a relatively high price compared to its
October lows. Related Reading: 3 Under The Radar Altcoins Expected
To Hit $100 Before The Bitcoin Halving This outperformance has
continued into the new year as SHIB was able to still maintain the
$0.00001 level despite dips rocking the crypto market. This
suggests that bulls have been able to successfully turn $0.00001
into support. In this scenario, it could easily become a launchpad
for the price. Source: TradingView.com The crypto analyst’s
prediction suggests that it could begin to range at its current
price. However, once this ranging ends and accumulation is
complete, this is where the real fun begins for the SHIB price when
the rally is expected to begin. A bounce from here would see SHIB
easily clear the $0.000014 level with no hassle. However, the first
roadblock lies just above here. In the event that Shiba Inu is
quickly able to surmount the resistance at $0.0000143, another pump
is expected that could lead up to $0.000018. Since there is no such
thing as a single continuous upward movement, resistance is
expected just below $0.000018. Nevertheless, this is the last
resistance and if Shiba Inu climbs above this level, then it is
expected to shoot above $0.00002, completing a 100% move from its
current price. SHIB price at $0.0000094 | Source: SHIBUSD on
Tradingview.com SHIB Sways Amid Market Uncertainty In the weeks
leading up to January, confidence around the potential approval of
a Spot Bitcoin ETF was at an all-time high, with experts giving it
a 95% chance of approval. However, this sentiment has begun to sway
especially as BlackRock revealed it will be delaying its $10
million BTC purchase. Related Reading: Dogecoin, Cardano, And
Chainlink Get Special Listing From Binance As a result, the price
of cryptocurrencies across the space declined rapidly and the Shiba
Inu price was not left out. SHIB finally lost its footing at
$0.00001 for the first time in over two weeks, falling to the
$0.000009 region once again. However, this is not out of the
ordinary and could lead to the SHIB ranging and accumulation that
the crypto analyst outlines. In such a case, this could present a
setup for a bigger price rally as expectations for a bull market
grow high. Follow Best Owie on X (formerly Twitter) for market
insights, updates, and the occasional funny tweet… Featured image
from DMARGE, chart from TradingView.com
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