Analyst Captain Faibik, Shiba Inu He repeats his bullish outlook on (SHIB), predicting a 2-fold increase by mid-December. This prediction is based on SHIB’s resilience and the stability it has maintained despite the many obstacles it has faced. Captain Faibik’s prediction was also positively received by the community.
Captain Faibik’s prediction is presented with a price chart that shows Shiba Inu breaking out of a trend line around the $0.00000839 price level. With this breakout, the analyst pointed out that SHIB is currently undergoing a major retest.
The condition for a 2x rally that will push the Shiba Inu price to around $0.00001678 is for the retest to be successful. A proper look at the chart shows how startling the success of this retest is. From May 2022 to date SHIBIt surpassed the $0.000016 level only once, during the August 2022 surge.
The Shiba Inu isn’t having one of its best years in terms of price growth. Compared to other altcoins, SHIB has recorded a year-to-date (YTD) growth of only 4.97%. Moreover, when trading against Bitcoin (BTC), SHIB is down 53.26% in this time frame.
Shiba Inu has a more promising outlook, with its price currently trading at $0.000008799, up 3.23% overnight. meme coinhas a market cap of $5,203,283,158 and is looking promising as trading volume increased by 6.34% to $189,971,064.
Shiba Inu Price Estimates Are Increasing
Along with thousands of leading altcoins in the crypto market, Shiba Inu also has a very solid media appeal, attracting some predictions from market experts and major protocols. One of these predictions came from ChatGPT, which predicted that SHIB could reach $0.00001357 in early 2024.
While the long-term projection for the token is for it to reach a 1-cent price mark, market analysis platform Telegaon believes this will not happen until 2030-2040. The platform took a more bullish view, stating that the token could rise as high as 2 cents in the same time frame.
The optimistic forecasts are based on the efforts of the project developers to increase the availability of Shibarium and the layer-2 network and to support the deflationary features of the project in general.