The cryptocurrency market is abuzz with speculation, and Shiba Inu is at the forefront of this excitement. An analyst has predicted that Shiba Inu could experience a remarkable 178% increase, potentially revisiting its all-time high. The cryptocurrency reached its peak price of 0.000048845 in October 2021. To attain that level once more, Shiba Inu would need to surge by 178%. The technical analysis indicates that this is within the realm of possibility, as market conditions are showing signs of improvement. A majority of the top 10 cryptocurrencies have shifted into the green zone, with Bitcoin once again trading above the $100k level.
Current Resistance Levels
According to analyst Austin Hilton, Shiba Inu needs to overcome a significant resistance level of 0.00004033. Currently, Shiba Inu is trading at 0.00003247, marking an increase of over six percent in the last 24 hours. Breaking through this resistance level could pave the way for a substantial price increase, as per Hilton’s analysis.
The Three-Year Down Cycle
Shiba Inu has experienced a downtrend spanning approximately three years, but this trend appears to be reversing. The market conditions are on an upswing, bolstered by new leadership and pro-crypto policies. As the crypto market embarks on a new phase beginning in January, it could ignite one of the most significant bull runs in recent history. Shiba Inu, a leading meme coin, stands to gain considerably from this potential boom.
Shiba Inu’s Market Position
Shiba Inu, alongside Dogecoin, dominates the meme coin sphere with market capitalizations of $18 billion and $66 billion, respectively. The meme coin sector, valued at over $130 billion, constitutes a substantial portion of the $3.67 trillion global crypto market. This underscores the growth potential inherent in Shiba Inu’s market cap.
Breakout Pattern
Historically, Shiba Inu has demonstrated a pattern of consolidation followed by dramatic breakouts, as evidenced in previous chart analyses. Following consolidation periods, the coin has often experienced significant price movements. For instance, there was a notable 60% gain within just eight days during one such breakout. With an influx of capital into the crypto market, similar price movements could occur once again.
In conclusion, the future looks promising for Shiba Inu as market dynamics shift favorably. As investors and enthusiasts keep a close watch, the potential for a substantial rise in Shiba Inu’s value remains a captivating prospect in the ever-evolving cryptocurrency landscape.
