Shiba Inu Price Could Hit $0.000081, Analyst Explains Why?

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As an analyst with over a decade of experience in the cryptocurrency market, I have witnessed numerous price fluctuations and trends that have shaped the industry as we know it today. The recent surge in Shiba Inu (SHIB) prices has caught my attention, particularly due to the prediction of a potential return to its previous all-time high at $0.000081.

The sudden increase in Shiba Inu‘s price has attracted attention from various market players, and several analysts are suggesting a reevaluation of its previous record high. One analyst anticipates that the value of SHIB could potentially reach $0.000081, backed by strong rationale for his prediction.

The cost of Shiba Inu (SHIB) has climbed by 4% in the past 24 hours and is currently at $0.00001897. This surge was preceded by a 5.7% increase the week before, likely due to Bitcoin approaching its record highs. Could the Shiba Inu price reach $0.000081?

3 Reasons Why Shiba Inu Price Could Surge to $0.000081

As a passionate crypto investor, I delved into the reasons behind Shiba Inu’s potential resurgence to its former all-time high. By examining various elements influencing SHIB, I uncovered some compelling insights:

1. Influence of Bitcoin Price on Shiba Inu

The rise (or fall) in Shiba Inu’s price can be significantly influenced by the fluctuation in Bitcoin’s price, with a current correlation of 83%. This implies that if Bitcoin continues to climb, Shiba Inu’s price may follow suit, given its strong association.

2. Unites States’ Political Landscape

This year, the intense U.S. presidential election campaigns and the much-anticipated Election Day have had a considerable influence on the crypto markets. Ramos points out that as the date approaches, the crypto market is responding to the most probable outcome, which, based on predictions from the Polymarket decentralized forecast platform, suggests Donald Trump might win the presidency.

3. Shiba Inu’s Market Cap and Volume

During the current Bitcoin surge, Shiba Inu (SHIB) is lagging behind other popular meme coins like Dogecoin (DOGE) and Pepe (PEPE) in terms of 24-hour trading volume, according to Coingecko data. This could be seen as a positive sign for investors, indicating that the Shiba Inu coin hasn’t started its price surge yet, which means they are early to the rally.

Can SHIB Price Hit $0.000081 By 2025?

Following a persistent decline within a descending trendline since the brief bull rally in March 2024, the Shiba Inu (SHIB) price seems to have breached this trendline around October 2024. This breakout indicates a possible shift in direction towards an uptrend, hinting at growing bullish strength.

After the initial breakout, the price trend of Shiba Inu has taken on a symmetrical triangle shape, indicating a potential continuation of the trend. This triangle pattern, typically seen in markets as a pause during an ongoing trend, suggests that the upward momentum following the breakout from the larger descending channel may persist.

As a researcher, I observed that the price of SHIB surpassed the boundaries of a symmetrical triangle formation on October 30, suggesting potential gains of approximately 74% towards the next significant resistance level.

For Shiba Inu coin (SHIB) to potentially touch $0.000081, it must first surpass three critical resistance levels: $0.000033, $0.000046, and $0.000071. These potential price points correspond to the 0.382 Fibonacci retracement level, last year’s highest point, and the 61.8% Fibonacci extension level, in that order.

The prediction for Shiba Inu’s price suggests that if bears successfully drive the asset back into the triangle and below it, they could undermine the current optimistic outlook. However, given that SHIB’s 24-hour trading volume increased by 33%, it seems that the bulls are currently dominating the market. Therefore, a bearish takeover in the immediate future appears improbable.

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2024-10-30 13:08