The crypto market recently rebounded after experiencing a significant drop, with Bitcoin falling by over 10% in just two days. This led to a bleed in the altcoin market, with Shiba Inu retesting major support levels. However, Shiba Inu has shown resilience and is currently trading above $0.000238, up by 28% from its recent low of $0.0000185.
Market analyst Dollars Maker believes that Shiba Inu still has room for further upside potential. He predicts that the meme coin could experience a massive 235% surge to reach $0.00005816, marking a new yearly peak. While he did not provide a specific timeline for this price target, Dollars Maker also anticipates a 92% increase to $0.00003339 and a 163% surge to $0.00004566 before hitting the ultimate target.
Other analysts, such as Klejdi Cuni and Pouyan TradeFX, also share a bullish sentiment towards Shiba Inu. Cuni believes that the positive momentum in the Shiba Inu ecosystem will drive the token to $0.000070 soon. He pointed out that the accumulation near the $0.00002424 support level could provide the necessary momentum for the meme coin to reach this price target. Similarly, Pouyan TradeFX anticipates a strong push for Shiba Inu to hit $0.000074, breaking a multi-year trendline in the process.
With the crypto market rebounding and analysts predicting significant upside potential for Shiba Inu, investors are closely monitoring the developments around this meme coin. The positive outlook for Shiba Inu comes after a period of uncertainty following the recent market drop. However, the resilience shown by Shiba Inu and the optimistic forecasts from market analysts suggest that the meme coin could be on track for a substantial price increase in the near future.
In conclusion, the recent rebound in the crypto market has provided a ray of hope for Shiba Inu investors, with market analysts predicting significant price surges for the meme coin. The positive sentiment surrounding Shiba Inu is driven by its resilience in the face of market volatility and the potential for further upside. As analysts anticipate a surge to new yearly highs for Shiba Inu, investors are closely watching how the meme coin will perform in the coming days and weeks. It remains to be seen whether Shiba Inu will reach the price targets set by analysts or if market conditions will present new challenges.
