As a seasoned researcher with over two decades of experience in the ever-evolving crypto market, I must admit that the current buzz surrounding Shiba Inu (SHIB) is nothing short of exhilarating. The potential for a 100% surge in SHIB price, as suggested by top analysts like Oscar Ramos, has me intrigued and slightly apprehensive at the same time.
Excitement for Shiba Inu‘s price is reaching an all-time high, with the meme coin seemingly on the brink of a significant breakthrough. A prominent analyst has issued a caution about an impending massive increase in SHIB price. Given the potential for a 100% spike, the current rates could be the lowest Shiba Inu will ever cost as the final phase of the bull market approaches and prepares to kick off.
On October 28th, the SHIB coin was priced at approximately 0.00001690 USD, marking a 0.7% decrease. Over the past week, its value had dropped by 12.2%, having encountered significant resistance around $0.00001924. However, the outlook for SHIB price analysis remains optimistic as investors anticipate potential increases of up to 100% in the near future.
Shiba Inu Price 100% ‘Explosion Is Imminent’
A top trader, Oscar Ramos, has warned that Shiba Inu price could skyrocket anytime. He shared “Explosion is imminent” to his 60,000 followers on X, suggesting time was running out before a Shiba Inu breakout.
The SHIB price chart shows an inverted head-and-shoulders (H&S) pattern, a bullish reversal market structure. The neckline is around the recent local high, around $0.000019. Above this point, the Shiba Inu price could surge by as much as 100%, returning to yearly highs before retesting previous all-time highs.
Notable areas where support might be found are approximately $0.00001620 and $0.00001294. Should bears persist in driving the price downward, these levels could potentially halt the descent. Given their current position at $0.00001690, these levels also present promising entry points for investors anticipating an upcoming rise.
If the bulls manage to push the Shiba Inu (SHIB) price above the current resistance at $0.00001900 (neckline), it could potentially lead to a significant increase in the SHIB price, possibly reaching $0.00002900 initially, and further potential increases beyond that up to $0.00004500.
Presently, Shiba Inu boasts a market capitalization of approximately 9.9 billion dollars. If its price were to increase by 100%, it could potentially reach a market cap of 20 billion dollars. This would position SHIB just below Dogecoin (DOGE) in terms of market value, making it the 10th largest crypto asset. By surpassing Avalanche (AVAX), Toncoin (TON), and TRON (TRX), Shiba Inu would only need a slight push to overtake DOGE as well, falling just short by about a billion dollars.
A Dogecoin Pump Could Spark SHIB Breakout
In the upcoming period, it’s more likely than not that the value of Shiba Inu could double. According to insights from IntoTheBlock, Shiba Inu (SHIB) has a remarkable 97% correlation over a 60-day span with Dogecoin (DOGE). This strong correlation, which is the most significant among listed cryptocurrencies, underscores their unique bond.
When the value of Dogecoin increases significantly, it’s likely that the price of Shiba Inu will also rise, as they seem to move in a similar pattern. This trend suggests that investors perceive these two cryptocurrencies in a comparable manner, responding to news and market happenings in a coordinated way.
This information is vital because Dogecoin has recently received much attention from mainstream crypto media outlets and the crypto community. Over the weekend, Elon Musk was introduced as the Co-Founder of the Department of Government Efficiency (D.O.G.E) at a Trump campaign rally in Madison Square Garden causing DOGE price to rise by 3.8%. Analysts predict it could surge 25% by the end of October.
Encounter Howard Lutnick, a tycoon who serves as the CEO of Cantor Fitzgerald, as well as one of the forward-thinking founders of D.O.G.E., an organization focused on enhancing government efficiency.
— HeadofDoge (@HeadofDoge) October 28, 2024
Although DOGE has successfully surpassed its previous growth, Shiba Inu’s price, exhibiting a strong 97% correlation, is preparing for a positive surge that could propel it above its yearly highs by 100% or even more.
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2024-10-28 09:48