Shiba Inu (SHIB) is showing signs of a potential breakout as the price action on the weekly chart tightens, indicating a possible massive price movement following a consolidation phase. Analysts have noted a pattern formation that suggests SHIB could be gearing up for a significant upward movement, contingent on Bitcoin maintaining stability.
Despite some technical indicators pointing in the opposite direction, several renowned SHIB experts have made bullish predictions about the meme coin. Analyst CryptoElites predicts that SHIB could increase by 17 times in value, citing a favorable buying position and the formation of a triangle pattern with a potential breakout at $0.00023. Another analyst, SHIB POSSESSOR, believes that if SHIB breaks through its current resistance level, it could soar to a new all-time high.
Market sentiment for Shiba Inu appears bearish, as indicated by Coincodex’s Fear & Greed Index standing at 29, classifying the market sentiment as “Fear.” Furthermore, Coincodex’s analysis shows that SHIB has experienced 14 green days in the last 30, representing 47% of the total, with a price volatility of 6.31%, suggesting that now may not be the ideal time to invest in SHIB according to these statistics.
Short-term price targets for Shiba Inu suggest potential volatility ahead, with projected gains following an initial decline. According to a forecast chart by CoinCodex, SHIB is expected to experience a slight dip to $0.00001171 on April 17, followed by projected prices of $0.00001554 on April 18, $0.00002092 on April 19, and $0.00002634 on April 20. The CryptoElites chart also indicates a triangle pattern in SHIB/USD with trendlines converging to support and resistance points.
As the price of SHIB continues to show signs of a possible breakout, investors and traders are closely monitoring the cryptocurrency’s movements and technical indicators. Analysts are divided in their predictions, with some expecting a significant upward movement, while others remain cautious due to bearish market sentiment. It is essential for investors to conduct their own research and analysis before making any investment decisions in the volatile cryptocurrency market.
