Shiba Inu trades around the $0.000014 level, with little to no price spurts in the charts. This development is testing investors’ patience, as SHIB is on the brink of adding an extra zero. The overall markets are also moving at a snail’s pace and have yet to kickstart a bull run. Even Bitcoin is finding it hard to climb above the $62,000 mark despite receiving millions of inflow from institutional investors through ETF investments.
Also Read: How Much Shiba Inu Is Required To Make $1 Billion?
Shiba Inu: A 60% Surge Is Possible, Explains Analyst
However, a leading analyst took to TradingView and predicted that Shiba Inu’s price could surge 60%. That’s a bold prediction, considering the last SHIB’s price skyrocketed in March 2024.
It’s already been five months since the dog-themed token has experienced a burst in price. Let’s decode what the analyst predicts and why he believes SHIB will rise 60% despite currently being on the back foot.
Also Read: Shiba Inu: AI Sets SHIB Price for August 31, 2024
How is a 60% Surge Possible?
The cryptocurrency analyst on TradingView predicted that Shiba Inu’s price is consolidating and could catapult soon. He explained that SHIB is holding on to its resistance level of $0.00001 and has not fallen below the $0.00009 mark for a month.
This has cemented its prospects in the charts, which could lead to an upward bounce. Strong buying was witnessed at this price, which made SHIB hold on to its resistance level.
Also Read: Shiba Inu Forecasted To Reach 3.3 Cents: Here’s When
Key Factors for The Coin’s Potential Surge
“According to the daily chart structure, breaking through the upper trendline of the wedge is the key to a sustained upward direction movement,” read the prediction. The analyst also forecasted that if SHIB reached $0.000022, chances remain high, but it could also reach another high of $0.000029.
“A successful breakout could signal a significant price advancement, with bulls eyeing the level at $0.000022 or even at $0.000029 if the momentum continues,” read the forecast.
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