Cryptocurrency investors and enthusiasts are closely monitoring Shiba Inu (SHIB), the popular memecoin, as it shows signs of potential growth. While the crypto asset has not yet maximized gains during the market’s recent upswing, experts are confident in a possible 52% value increase, targeting a price point of $0.00001492.
Shiba Inu’s Promising Trajectory
Despite a modest 4% surge on February 15 that brought its price above $0.00001, Shiba Inu has not sustained upward momentum, falling back to trade near $0.00000973. The temporary boost was part of a broader market rally from which SHIB has yet to fully benefit.
Cryptocurrency analyst and Shiba Inu advocate SHIB KNIGHT has shared an upbeat forecast for SHIB, suggesting the possibility of overcoming the $0.00001 threshold and achieving subsequent targets at $0.00001011, $0.00001193, and $0.00001309. The analyst’s projections include a notable 52.7% climb to $0.00001492.
Supporting the positive outlook are market sentiment and a recent bullish signal on Shiba Inu’s charts, where SHIB crossed the 50-day Exponential Moving Average (EMA), a precedent that once resulted in an 80% price surge. Critical support levels at $0.00000953, $0.00000896, and $0.00000880 are considered key in stabilizing SHIB’s price against market volatilities.
Analysis of Shiba Inu’s Market Position
Currently, SHIB is trading at $0.00000973, a slight decrease over the past day, and holds a market capitalization of $5.84 billion. Despite falling 88.7% from its peak in October 2021, Shiba Inu’s price remains steady above the EMA20 line. The coin’s Relative Strength Index (RSI) at around 65 and a rising 20-day EMA suggest that, despite downward pressure, sellers are not dominating the market.