Shiba Inu (SHIB) may be gaining momentum for a massive rally as TradingView analyst Krao projects a massive increase of 7,350%. He said SHIB will surpass $0.001 in the coming months, representing a huge jump from where it is now.
Related Reading
Shiba Inu price projection by CoinCodex looks a bit different for the near future, despite such a bold projection. On October 13, 2024, its forecast shows an increase of 5.68%, taking its price to $0.00001337.
Since reaching its all-time high of $0.00008854 in October 2021, SHIB has been on a multi-month downturn. Krao is still hopeful, as above all else, the meme coin has been kept in check by a descending trendline.
Based on their analysis, the main trendline could initiate a breakout as early as January or February 2025, which could see SHIB reach $0.001, but with bearish sentiment still dominating the market and SHIB stuck in a tight range between $0.000005 and $0.00003, the road ahead is very much unknown.
Technical obstacles ahead
While Krao’s long-term forecast may seem bright, technical indicators suggest some hurdles in the short term. Shiba Inu Price SHIB is currently trapped in a symmetrical triangle on the daily chart. While this setup often precedes a breakout, one way or another, it is unclear which direction SHIB will go.
The token is currently hovering around $0.00001337 and must break the resistance at $0.00001562 for any bullish momentum to be seen. If this fails, SHIB could drop to support levels of $0.00001154 or even $0.00001028.
Meanwhile, the RSI is close to the neutral line on the monthly chart and shows no signs of being overbought or oversold. While this leaves plenty of room for movement, bearish market sentiment could prove to be a different story altogether. Traders may therefore need to keep an eye out for any signs of volatility, as SHIB’s technical setup is capable of moving in either direction in the short term.
Shibari’s growth sparks optimism
On the bright side, the Shiba Inu ecosystem is growing. For example, Shibarium, its layer-2 blockchain, is approaching another milestone. According to Shibariumscan, as of September 5, there were 34 smart contracts deployed, just below the three-month high of 36 in July.
Shibarium and Shiba Eternity Update
Shibarium approached a 3-month high in contracts deployed, showing strong developer activity.
Shiba Eternity Build Update Highlights:
•Tournaments: New leaderboards and rewards system.
• Bug fixes: Issues with freezing, loading screens,… pic.twitter.com/ekQg7gELrk— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 9, 2024
The updates were provided by Marketing Lead Lucie, who highlighted the phenomenal growth of Shibarium and the milestones achieved in Web3 gaming through the Shiba Eternity project.
Related Reading
This expansion is yet another reflection of the team’s commitment to building beyond the token price. As Shibarium grows, it strengthens this ecosystem, providing a foundation for future blockchain developments. While it’s hard to say whether the price will fluctuate or not, there’s certainly some technological backing in Shiba Inu that could help it in the long run.
Shiba Inu: bearish forecast
As Shibarium is performing well, the short-term outlook for SHIB looks cloudy. According to CoinCodex, the price is expected to decrease slightly until October 2024, which corresponds to a Fear & Greed Index score of 32, characterizing market fear.
Featured image by Westend61, chart by TradingView