DeFi
Analyst Predicts Shiba Inu to Soar 50% Amid Meme Coin Market Rise — TradingView News
Renowned cryptocurrency expert and enthusiast Dami Defi has offered his views on Shiba Inu price action, predicting a surge in the crypto asset as the Meme coin market sees a new wave of demand .
Given the optimism surrounding meme coins lately, Dami Defi is confident that Shiba Inu could soon rise by over 50%.
Shiba Inu price could increase by 20%
Shiba Inu (SHIB) has become one of the leading coins, attracting positive outlooks from several analysts in the crypto space today. Even though Shiba Inu started the week on a negative note, Dami Defi believes that the meme coin has the potential to rise in the short term.
Related Reading: Cryptocurrency Analyst Predicts 350% Surge for Shiba Inu – Here’s the Target
According to Dami Defi, the price of the digital asset formed a downward trend over a one-day period. If SHIB breaks out of this downward trend, Dami Defi anticipates an increase of more than 50% in the price of Shiba Inu. This 50% increase will take the crypto asset from its current price to the $0.000035 level.
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The analysts’ predictions match Ali Martinez’s predictions, emphasizing that the price of the digital asset is moving in a descending parallel channel.
While Dami Defi predicts a price rise of over 50% for the Shiba Inu, Martinez expects the crypto asset to rise over 20% in the short term. The planned 20% increase by Martinez will take the crypto asset from the price of $0.00002444 to the level of $0.00002954.
Martinez seems bullish on Shiba Inu, as he predicted the asset would hit $0.000072323. He pointed out that SHIB on the daily chart appears to be forming a bull flag, indicating an imminent upward move. For this reason, the expert opened the trade at around $0.000018343 in hopes of a strong breakout that would take Shiba Inu to $0.000072323.
Martinez’s prognosis, fueled by the March rally, indicates that SHIB’s value could rise further, providing investors in this thriving and active sector of the cryptocurrency market with a positive outlook for the meme coin.
SHIB expected to repeat 2021 price trend or even better
Lucie, marketing manager of Shiba Inu, looked at the evolution of memecoin prices. Lucie claims that in October 2021, SHIB, without significant burn or adoption at the time, saw a surge from $0.000007 to $0.000088 in just a few days, indicating an increase of over 1,100%.
With the massive and widespread burns seen today within the SHIB ecosystem, Lucie could suggest the possibility of the asset repeating this move or even further into this bull cycle. If this trend repeats, SHIB price could reach $0.00025 during this bull cycle.
Lucie also highlighted the continued support of SHIB’s strong community and strong Shibarium ecosystem since 2021, which could also catalyze Shiba Inu’s growth.
At the time of writing, SHIB was trading at $0.00002366, demonstrating an increase of over 4% over the past week. Despite the price rise, its market capitalization decreased by 2.59%, while its trading volume increased by 1.79% over the past day. Given the dynamics of the meme coin market, SHIB may be able to achieve more gains in the coming months.