The last few days have been quite a week for Shiba Inu, the second largest coin in terms of market valuation. The token saw a slight decline following a rejection over the weekend, but it started December strong with a price increase on the 1st.
Analysts continue to be optimistic about the future of the Shiba Inu as the market becomes volatile, but predict that a considerable breakout should send prices higher.
Despite some market turmoil, analysts are optimistic about the future of the Shiba Inu, predicting that a major breakout could send the price up 35%. The token is currently trading around $0.00003, but technical charts suggest a big move forward.
An uptrend is developing
The coin is currently filling an uptrend on its price chart, according to Shiba Inu analyst Shib Knight. Knight noted in a recent tweet that an ascending triangle is building on the SHIB/USDT chart.
Based on this model, Shiba Inu is almost breaking through; once it breaks the $0.000040 barrier, it is expected to rise by almost 30%. The pattern shows that the coin will soon move as the chart closes at this point; if the breakout occurs as expected, the price can increase quite significantly.
Positive market mood supports optimism
The remarkable success of the Shiba Inu is the result of more than just technical cues. Driven by Bitcoin’s $100,000 breakthrough, the entire cryptocurrency boom has renewed optimism. Political and financial concerns explain this favorable market attitude.
The prospect of a cryptocurrency-friendly administration under Donald Trump has sparked more enthusiasm, raising hopes for future expansion of the meme currency market.
According to some analysts, the Shiba Inu price is expected to see a huge rise by 2026, with some even expecting a 5,600% increase.Strong numbers for 2024 and long-term forecasts
There is a lot of talk about SHIB’s 629% price increase over the next 12 months. With its sudden jump to over $0.00003, many investors are now looking into the future developments of the meme coin. Some analysts say long-term investors could see the Shiba Inu reaching $0.0017 by 2026.
Anyone who buys now could get a 5,600% return on their investment, which would be representative of the type of transformative profits many coin investors are targeting. Remember how the price of the Shiba Inus increased by 85,000% between 2020 and 2021, turning modest investments into great fortunes.The road ahead
Shiba Inu is showing strong technical signs and favorable market sentiment, but that doesn’t mean a breakout will happen soon. But there is a good chance that prices will continue to rise because the market is stable, the charts look good, and the coin has performed very well in the past.
Shiba Inu price is approaching high resistance levels, so everyone is waiting for the next move. The options are definitely interesting for investors and the price should be able to exceed $0.00004 or more.
Featured image from Pexels, chart from TradingView