This past few days has been quite the week for Shiba Inu, the second-largest meme coin by market valuation. The token saw a minor drop following a rejection over the weekend, but it began the month of December strongly with a price increase on the 1st.
Analysts continue to feel optimistic about the future for Shiba Inu while the market gets volatile but project that a considerable breakout should push the prices up.
Despite some turbulence in the market, analysts are positive about the future of Shiba Inu, predicting that the major breakout could push the price up by 35%. The token is currently trading around $0.00003 but technical charts suggest a big move ahead.
A Bullish Trend Is Developing
The coin is currently filling a bullish pattern on its price chart, according to Shiba Inu analyst Shib Knight. Knight noted in a recent tweet that an ascending triangle is building on the SHIB/USDT chart.
$SHIB filling Bullish pattern slowly. Target is above 0.00004 pic.twitter.com/Uw9Ql14vot
— $SHIB KNIGHT (@army_shiba) December 6, 2024
Based on this pattern, Shiba Inu is almost breaking through; once it crosses the $0.000040 barrier, it should climb by almost 30%. The pattern shows that the coin will soon move as the chart closes at the point; should the breakout as expected, the price can rise rather significantly.
Positive Market Mood Supporting Optimism
Shiba Inu’s remarkable success results from more than just technical cues. Driven by Bitcoin’s breakthrough of $100,000, the whole boom in cryptocurrencies has renewed optimism. Political as well as financial concerns are driving this favorable market attitude.
More excitement has been generated by the prospect of a crypto-friendly administration under Donald Trump, which has raised hopes for future expansion in the meme currency market.
Shiba Inu is actually expected to have a huge price hike by 2026, according to some analysts, with some even expecting a 5,600% increase.
Solid 2024 Numbers And Long-Term Forecasts
A lot of talk has been going around the 629% price increase for SHIB in the next 12 months. With its sudden jump to over $0.00003, many investors are now looking into the future move of the meme coin. Some analysts say that long-term investors might find Shiba Inu reaching $0.0017 by 2026.
Any person buying now could get a 5,600% return on investment, which would be representative of the type of transformative profits that many meme coin investors are targeting. Remember how the price of Shiba Inus rose 85,000% between 2020 and 2021, turning modest investments into large fortunes.
The Road Ahead
Shiba Inu has strong technical signs and a favorable market sentiment, but that doesn’t mean a breakout will happen soon. But there is a good chance that prices will keep going up because the market is stable, the charts look good, and the coin has done very well in the past.
Shiba Inu’s price is getting close to levels of high resistance, so everyone is waiting for the next move. The options are definitely exciting for investors, and the price should be able to go above $0.00004 or higher.
Featured image from Pexels, chart from TradingView