Shiba Inu (SHIB) Price Prediction 2024: Can SHIB Hit $0.000075 This Year?

Shiba Inu, known as the “Dogecoin Killer,” is eagerly anticipating a significant price leap. Market analyst Ashish has sparked excitement with a bold prediction

Shiba Inu (CRYPTO: SHIB), the meme coin that has captured the attention of both retail traders and crypto enthusiasts, is now setting its sights on a substantial price leap.

According to market analyst Ashish, anticipation is building for a 600% surge that could propel SHIB to an impressive $0.000075.

This bullish prediction comes after what Ashish describes as a nearly two-year-long slumber within a consolidation pattern. It was in December 2023 that Shiba Inu finally managed to break free from this price purgatory, breaching a crucial resistance trendline.

The breakout went on to spark a rally that culminated in a 370% surge, leading SHIB to a 2024 high of $0.000045 in early March.

However, the good times were not meant to last, as a correction followed, prompting Ashish to establish strategic buying zones between $0.000022 and $0.000025.

Shiba Inu: Enter The Flag Pattern

Observing the 1-hour chart, Ashish’s analysis anticipates the emergence of a bullish flag pattern, which could hint at a potential “second leg up.”

In technical analysis, a flag pattern is said to occur following a sharp price increase. It is characterized by a period of consolidation, often acting as a precursor to another upward movement.

Despite a slight price dip today, Shiba Inu appears to have room for growth. The daily Relative Strength Index (RSI) currently sits at nearly 48, indicating that the coin is neither overbought nor oversold.

This neutral territory suggests potential for upward movement, aligning with Ashish’s prediction of a second leg up.

SHIB Price Forecast

Meanwhile, CoinCodex’s current Shiba Inu price prediction forecasts a rise of 220%, potentially reaching $0.00008089 by June 24, 2024.

CoinCodex’s technical indicators currently show a Neutral sentiment, while the Fear & Greed Index stands at 76, indicating Extreme Greed.

Over the past 30 days, Shiba Inu has seen 12 out of 30 green days (40%) with a price volatility of 4.40%.

Given these metrics, it’s clear that Shiba Inu’s market behavior is capturing significant investor interest.

The Extreme Greed reading on the Fear & Greed Index suggests a high level of enthusiasm, which, while positive for potential price gains, also warrants caution due to the possibility of rapid sentiment shifts.

The coin’s moderate volatility and the occurrence of green days indicate a steady, albeit unpredictable, upward momentum. This combination of factors makes Shiba Inu a fascinating asset to watch in the coming months.🎜

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