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Shiba Inu (SHIB) might be gearing up for a significant rally as TradingView analyst Krao predicts a massive 7,350% increase. According to Krao, SHIB will breach $0.001 in the next few months, representing a substantial rise from its current price.
Shiba Inu Price Projection
While Krao’s prediction is bold, CoinCodex’s forecast appears somewhat different for the near future. By October 13, 2024, their projection shows a rise of 5.68%, pushing SHIB’s price to $0.00001337. Since reaching its all-time high of $0.00008854 back in October 2021, SHIB has been in a prolonged downturn. However, Krao remains hopeful, noting that the meme coin has been kept in check by a declining trendline.
Based on Krao’s analysis, a key trendline could trigger a breakout as early as January or February of 2025, potentially pushing SHIB to $0.001. However, with a bearish sentiment still prevailing in the market and SHIB trading within a narrow range of $0.000005 to $0.00003, the path forward remains uncertain.
Technical Hurdles Ahead
While Krao’s long-term prediction is optimistic, technical indicators suggest some near-term challenges. Currently, SHIB’s price is caught in a symmetrical triangle on the daily chart. Although this setup often precedes a breakout, the direction SHIB will take remains unclear.
The token is hovering around $0.00001337 and must break resistance at $0.00001562 for any upward momentum to be seen. If it fails to do so, SHIB could fall toward support levels of $0.00001154 or even $0.00001028.
SHIB’s market cap currently stands at $7.9 billion. The Relative Strength Index (RSI) is close to the neutral line on the monthly chart, showing no signs of being overbought or oversold. Although this offers room for movement, the prevailing bearish sentiment might lead to volatility. Investors should thus remain vigilant for any signs of market shifts, as SHIB’s technical setup could go either way in the near term.
Shibarium Growth Sparks Optimism
On a brighter note, the Shiba Inu ecosystem is expanding. Shibarium, its Layer 2 blockchain, is approaching another milestone. According to Shibariumscan, 34 smart contracts were deployed as of September 5, just shy of the three-month high of 36 set back in July.
Marketing lead Lucie highlighted the significant growth of Shibarium and milestones achieved in Web3 gaming through the Shiba Eternity project.
Shibarium and Shiba Eternity Update
Shibarium is nearing a three-month high in deployed contracts, indicating strong developer activity. The Shiba Eternity project also saw updates, including new leaderboards and rewards systems for tournaments, as well as several bug fixes.
This expansion reflects the team’s commitment to building beyond the token’s price. As Shibarium grows, it strengthens the ecosystem by providing a foundation for future blockchain developments. While it’s challenging to predict price fluctuations, the technological advancements within Shiba Inu could support its long-term growth.
Shiba Inu: Bearish Forecast
Despite Shibarium’s promising development, SHIB’s short-term prospects appear uncertain. According to CoinCodex, the price is expected to decrease slightly by October 2024, aligning with the Fear & Greed Index score of 32, which indicates market fear.
