The world of cryptocurrencies continues to attract the attention of many investors lately. Certain beings, especially the Shiba Inu, have characteristics that attract the attention of analysts and traders. According to recent price analysis, the future of this popular meme coin looks quite bright.
Crypto Rand, a prominent crypto educator and trader, says Shiba Inu is trending upward It is stated. This trend, triggered by Bitcoin’s recovery, is supported by the recent performance of the Shiba Inu.
Data shows that the token broke the downward trend that has been ongoing since December. Shiba Inu managed to rise up to $0.00001195 on December 17, 2023. But then it entered a downward trend. He tried to break this downward trend many times, but each time he encountered intense resistance. The latest breakout attempt followed a rally in the overall market.
In particular, consecutive intraday gains on February 7 and February 8 bear signs of this breakout. This data plus a look at the historical context confirms the trend of the crypto asset embarking on a new upward journey.
Historical Data Points Bullishly for SHIB
According to the information provided by Crypto Rand based on chart analysis, it seems that Shiba Inu has shown high performance by breaking out of similar downtrends in the past. Meme coin had achieved significant increases by breaking previous downward trends. For example, the first downtrend line was formed as it fell from the February 2023 high of $0.00001575. SHIB traded below this downtrend until June 2023.
Following the breakout, Shiba Inu rose 53% to $0.00001136 in August 2023. A decline from this high caused the second downtrend to form. This second downtrend was broken in October 2023, rising 72.6% to last December’s high of $0.00001195.
Now that SHIB has broken its third downtrend, analysts are predicting a similar price increase could come, with expectations ranging from 53% to 72%. Shiba Inu is currently trading at $0.00000935. A 53% increase from this level would lead to $0.00001431, and a 72% increase would lead to $0.00001613.
In conclusion, the current status of the Shiba Inu and analysts’ predictions present a positive picture for investors. However, given the volatile nature of cryptocurrencies, it is important to conduct careful research and evaluate risks before making investment decisions. Investors must consider many variables that can affect price movements. For example, factors such as trends in the overall cryptocurrency market, the performance of Bitcoin, the global financial situation, regulatory developments, and news about the Shiba Inu project can affect the price of the meme coin.
You can follow the current price movement here.
