SHIB Price Prediction: Shiba Inu Coin Poised To Surge More Than 50% Soon

Photo of author
Written By Pinang Driod

Crypto analyst Crypto Patel believes that Shiba Inu (SHIB) has the potential to surge by 57% to $0.000043, indicating that this target price might be the beginning of a larger upward movement. Despite facing resistance around the $0.00003 mark, SHIB has shown resilience, with recent resistance at $0.00002864. Although the broader market has recovered, SHIB has not experienced significant price growth.

Analyzing SHIB Price

Analyzing SHIB’s trading pattern on the 4-hour chart, Crypto Patel notes that SHIB has been trading within a symmetrical triangle since dropping from its high of $0.000045 on March 5. Despite attempts to breach the upper trendline resistance, SHIB faced strong opposition from bears, leading to a retracement to $0.00002380 on March 16.

However, on March 23, SHIB successfully broke out from the trendline resistance, prompting Patel to identify a possible entry price range of $0.00002700 to $0.00002817 for traders looking to go long on SHIB.

The analyst further sets a 57% target increase for SHIB, with the first take profit target at $0.00003578, being bullish on SHIB breaching the $0.00003 area. He further expects SHIB to potentially surge to $0.000043738 as the second target, representing a 57.13% increase in price.

Despite SHIB consolidating around $0.00002773, Patel has high hopes for its performance. He acknowledges the recent market uptrend, with Bitcoin (BTC) recording a 4% increase, Ethereum (ETH) up 3.96%, and Solana (SOL) up 7.76%. However, Crypto Patel reminds investors that SHIB has historically outperformed the market, as evidenced by its previous surge to the $0.000045 high.

Shibarium TVL Jumped by 170%

Meanwhile, Shibarium, the Layer 2 blockchain within the SHIB ecosystem, has seen a significant surge in the total value of assets locked (TVL), reaching $3.85 million. This surge is attributed to the successful launch of the DAMN meme coin on WoofSwap, signaling growing adoption within the SHIB community. 

Both platforms are at their peak and gaining notable surges makes them the hot choices for the crypto investor looking to diversify their portfolio in the current downturn. Are you one of them?


Leave a Comment