Shiba Inu (SHIB) Will Do 2X!

Cryptocurrency analyst Captain Faibik recently announced his predictions for the Shiba Inu (SHIB) price. The analyst shared predictions for where the popular meme coin will be by mid-December.

The analyst is quite optimistic about Shiba Inu!

The crypto analyst shared his projections on the price movement of Shiba Inu on account X. According to the analyst’s chart, SHIB crossed a trend line near the $0.00000839 price level. Due to this data, the analyst says that the crypto asset is undergoing a significant retest. Captain Faibik also emphasizes that if the retest is successful, the token could experience an increase of up to 2X by mid-December. In this context, the analyst makes the following statement:

SHIB broke out of the major trend line and is currently undergoing a retest. If the retest is successful, we may witness a Bull Rally of up to 2x by mid-December.

Shiba Inu lags behind the market in terms of price performance

The analyst also states that a 2X price increase would push the token up to $0.00001678. However, a careful look at the analyst’s chart reveals how difficult it will be for this retest to succeed. So far the Shiba Inu price has crossed the $0.000016 threshold only once since May 2022. This happened during a brief eruption in August 2022.

SHIB is breaking away from the downtrend on the 3-day chart. Source: Captain Faibik

Moreover, cryptokoin.comAs you follow from , the price increase of meme coin was not as impressive as other altcoins. Meanwhile, the Shiba Inu price is up just 4.97% year-to-date (YTD). At press time, SHIB is trading at $0.000008542, down 1.91% in the last 24 hours. This does not present a very optimistic outlook. The market value of Shiba Inu (SHIB) is approximately $5 billion. The transaction volume of the token in the last 24 hours is 265 million dollars.

Algorithm prediction of meme coin price until December

Captain Faibik shared one of the other predictions for the Shiba Inu price by December. Recently, crypto analysis firm CoinCodex’s price algorithm forecast also predicts a bullish outlook for the token through December. According to the forecast, SHIB price will reach $0.0000095 by December 11. This indicates a 10% increase from the price at the time of prediction. Considering the possibility of additional whales and regular investors participating in the token market, the prediction becomes more likely to come true.

Shiba Inu
Shiba Inu 1 day price chart. Source: Tradingview

In his predictions, he also highlights about 4 technical analysis indicators that indicate bearish conditions. However, about 24 of them show optimistic signs. He also points out that SHIB’s current RSI value of 63.05 is neither overbought nor oversold.

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