Shiba Inu (SHIB) Bull Price Prediction: 50% Rally Coming?

TL;DR

• Analysts predict that SHIB could make significant gains if it breaks key resistance, with reduced FX supply supporting the bullish forecast.
• Shibarium’s progress could also spur the meme coin’s next rally.

SHIB preparing for another pump?

The cryptocurrency market has seen a substantial correction in recent days, with leading assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and more. heading south.

The coin industry was not sparedalso, and Shiba Inu (SHIB) is among the many tokens plunging from their local highs. Currently, the self-proclaimed Dogecoin killer is trading at around $0.00002472 (according to CoinGecko data), which is still a solid 46% increase on a monthly scale.

Some analysts believe that the asset has not yet reached a high level, assuming that it exceeds certain important resistance levels. A user predicted a 50% pump if SHIB exceeds $0.00002800.

“The current setup suggests a bullish continuation, so traders should watch confirmation of escape while placing stop-losses below the support zone to manage risk. SHIB remains a key asset to monitor growth in the near term,” the analyst added.

Charting Guy also spoke, imagine a massive price explosion up to $0.00022 (an 800% increase from current levels). “Is your luggage packed enough for something like this?” » he asked.

Other analysts outlining bullish forecasts for SHIB include Crypto King and Ali Martinez. The old think The meme coin could mimic Dogecoin’s (DOGE) exponential rally.

For his part, Martinez noted that nearly 1.7 trillion SHIB tokens were removed from exchanges on a 24-hour scale at one point last week. “The last time we saw a similar rise, the Shiba Inu price jumped 62%,” he added.

According to According to CryptoQuant, the amount of SHIB held on exchanges has declined sharply over the past few months, reaching its lowest level in three years. The shift from centralized platforms to self-custody methods could be considered as a bullish sign because it reduces immediate selling pressure.

Shibarium could also help

A major factor that could contribute to a possible SHIB bull run is the continued progress of Shiba Inu’s Layer 2 blockchain solution – Shibarium.

The protocol has been in the news lately, hitting many milestones. As CryptoPotato reportedTHE total transactions processed on the networks exceeded 500 million, while total blocks exceeded 8 million.

Shibarium aims to boost the Shiba Inu ecosystem by reducing fees, increasing speed, and improving scalability. Key updates over the last few months include adopt a burning mechanism to reduce the supply of SHIB and potentially increase its value.

For more updates on the ecosystem, make sure to check out our Shibarium News.