As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market predictions and price fluctuations. However, when it comes to Shiba Inu (SHIB), the meme coin that has captured the hearts of many retail investors, even the most skeptical among us can’t help but be intrigued by the recent forecasts from CoinCodex.
Over the last day, the value of Shiba Inu has experienced a minor drop, implying that some investors might be cashing out following its surge in price that peaked at $0.00001972. Despite this dip, the general optimistic sentiment surrounding the meme coin remains unchanged. As forecasted by CoinCodex, a sophisticated prediction tool, Shiba Inu’s price trend is expected to continue its upward climb throughout the week. Remarkably, CoinCodex predicts a significant jump of around 109%, which could potentially lead Shiba Inu to hit a new record high in 2024 if these predictions come true.
CoinCodex Predicts Interesting Surge For Shiba Inu Price
According to CoinCodex’s predictive model, there is an upbeat prediction for the Shiba Inu price trend this week. Although it has experienced a minor dip lately, the Fear & Greed Index of Shiba Inu, a commonly used sentiment indicator, currently reads 69, indicating a “greed” phase, which typically corresponds to heightened purchasing activity.
Based on CoinCodex’s prediction, the price of Shiba Inu is expected to increase significantly over the next five days. As of now, Shiba Inu is being traded around $0.00001743 and is approaching a crucial support level. If this trend continues, CoinCodex suggests that Shiba Inu will experience a steady upturn from this point, reaching approximately $0.00001752 on November 2, followed by gains to around $0.00002256 on November 3. The price is then projected to surge to about $0.00002937 on November 4 and further up to $0.00003650 on November 5. The anticipated peak for November 6, according to this forecast, would be $0.00003679, marking a potential 110% increase from Shiba Inu’s current price.
What’s Next For SHIB?
Reaching these heights could shatter the existing 2024 peak of $0.00003592 for the meme coin, potentially sparking fear of missing out (FOMO) and fueling further rallies. However, while there’s an upbeat short-term forecast, CoinCodex’s predictions beyond November 6 suggest that Shiba Inu could experience a significant correction in the subsequent days.
Based on CoinCodex’s forecast, the Shiba Inu coin might finish November at approximately $0.00001782. This prediction would only come true if Shiba Inu significantly reverses its upcoming gains. If it does drop to $0.00001782, this could pave the way for further growth before the end of 2024.
According to my analysis using CoinCodex, I’ve identified key support levels for Shiba Inu at around $0.00001698 and a stronger one at $0.00001614. On the flip side, there are several potential resistance points where selling pressure might intensify: $0.00001881, $0.00001964, and $0.00002014. These levels could potentially halt any upward momentum in the price of Shiba Inu.
Right now, Shiba Inu has dropped approximately 7% over the last 24 hours, demonstrating the highly unpredictable character of meme cryptocurrencies. It’s headed towards retesting the support level at $0.00001698, a significant mark that could determine whether the anticipated surge will continue or not.
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2024-11-02 04:41