Shiba Inu Price Poised for a 2x Rally
The Shiba Inu price has shown consistent bullish momentum, making it one of the few cryptocurrencies to maintain this trend. Analysts predict that the meme coin is set to experience a massive rally as the market approaches another bear market. In fact, one crypto analyst, MMBTtrader, believes that the price will double in the short term alone.
Steady Uptrend and Strong Support
Analyst MMBTtrader’s analysis reveals that the Shiba Inu price has been on a steady uptrend over the past few months. Even during times when the uptrend seemed to end, SHIB maintained a high price compared to its October lows. This outperformance has continued into the new year as SHIB has successfully turned $0.00001 into support, suggesting a potential launchpad for further price increases.
Potential Roadblocks and Key Resistance Levels
The next target for SHIB is to clear the $0.000014 level, which is expected to happen without much difficulty. However, there may be resistance just above this level. If Shiba Inu can overcome this resistance at $0.0000143, another pump is expected that could lead to a price of $0.000018. The last major resistance lies just below this level, but if SHIB breaks through it, a 100% move from its current price could be achieved.
Temporary Dip and Accumulation Phase
Recently, Shiba Inu experienced a dip and fell to the $0.000009 region after losing its footing at $0.00001 for the first time in over two weeks. However, this dip is not unusual and could potentially lead to ranging and accumulation, setting the stage for a larger price rally as expectations for a bull market rise.
Hot Take: Shiba Inu Price Ready to Rise 100%
Despite the volatility in the crypto market, the Shiba Inu price has shown remarkable strength and maintained a consistent bullish momentum. Analysts predict that SHIB is poised for a 2x rally in the short term. The price has been on a steady uptrend, outperforming its October lows. Bulls have successfully turned $0.00001 into support, indicating potential for further gains. While there may be resistance at key levels, overcoming them could lead to a 100% increase from the current price. Even temporary dips provide opportunities for accumulation and set the stage for a larger price rally in anticipation of a bull market.