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Analyst Predicts Shiba Inu to Soar 50% Amid Meme Coin Market Surge – TradingView News
Well-known cryptocurrency expert and enthusiast Dami Defi has offered his insights into Shiba Inu’s price action, predicting a surge in the crypto asset as the Meme coin market sees a new wave of demand.
Given the optimism surrounding meme coins lately, Dami Defi is confident that Shiba Inu could rise over 50% soon.
Shiba Inu price could rise by 20%
Shiba Inu (SHIB) has become one of the top meme coins, attracting positive outlooks from several analysts in the crypto space today. Although Shiba Inu started the week on a negative note, Dami Defi believes the meme coin could potentially rise in the short term.
Related Reading: Crypto Analyst Predicts 350% Surge for Shiba Inu – Here’s the Target
According to Dami Defi, the price of the digital asset formed a falling wedge pattern in the 1-day period. If SHIB breaks out of this downward pattern, Dami Defi anticipates an increase of more than 50% in the price of Shiba Inu. This 50% increase will take the crypto asset from its current price to the $0.000035 level.
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Analyst forecasts are in line with Ali Martinez’s predictions, highlighting that the price of the digital asset is moving in a descending parallel channel.
Although Dami Defi predicts an increase of more than 50% in the price of Shiba Inu, Martinez expects the crypto asset to rise by more than 20% in the short term. Martinez’s predicted 20% increase will take the crypto asset from the price of $0.00002444 to the $0.00002954 level.
Martinez appears optimistic about Shiba Inu as he had predicted the asset would reach $0.000072323. He highlighted that SHIB on the daily chart appears to be forming a bull flag, indicating an imminent upward move. Due to this, the expert opened trading around $0.000018343 in hopes of a strong breakout that will take Shiba Inu to $0.000072323.
Martinez’s prognosis, fueled by the March rally, indicates that SHIB’s value could rise further, providing investors in this thriving and active sector of the cryptocurrency market with a positive outlook for the meme coin.
SHIB predicted to repeat 2021 price trend or even better
Shiba Inu’s head of marketing, Lucie, investigated the memecoin’s price action. Lucie claims that during October 2021, SHIB, with no burns and no significant adoption at the time, witnessed an increase from $0.000007 to $0.000088 in just a few days, indicating an increase of over 1,100%.
With the massive and widespread fires seen in the SHIB ecosystem today, Lucie may be hinting at the asset’s potential to reiterate this movement or even more in this bull cycle. If this trend repeats, SHIB price could reach $0.00025 in this bullish cycle.
Lucie also highlighted the consistent support from the robust SHIB community and the strong Shibarium ecosystem since 2021, which can also catalyze the growth of the Shiba Inu.
At the time of writing, SHIB is trading at $0.00002366, demonstrating an increase of over 4% over the past week. Despite the price increase, its market value fell by 2.59%, while its trading volume increased by 1.79% in the last day. Given the momentum in the meme coin market, SHIB could see more gains in the coming months.