TradingView analyst Krao forecasts a massive 7,350% jump in Shiba Inu's (SHIB) price, predicting it will reach $0.001 in the coming months. Despite this bold projection, CoinCodex's forecast suggests a more modest 5.68% increase by October 13, 2024.
Since hitting its all-time high of $0.00008854 in October 2021, SHIB has been in a multi-month decline. Krao believes a breakout could start as early as January or February 2025, but current market bearish sentiment and narrow trading ranges present challenges.
Technical indicators reveal near-term hurdles, with SHIB trapped in a symmetrical triangle on the daily chart. The token must break resistance at $0.00001562 to promote upward momentum. Otherwise, it risks falling to support levels of $0.00001154 or $0.00001028. The monthly RSI is neutral, giving room for potential movements.
Promisingly, the Shiba Inu ecosystem is growing, with Shibarium, a Layer 2 blockchain, nearing a milestone. Marketing lead Lucie highlighted new leaderboards and rewards in the Shiba Eternity project, reflecting strong developer activity and commitment to growth.
While short-term prospects remain uncertain with a bearish market outlook, the technological advancements in the Shiba Inu ecosystem provide a robust foundation for potential long-term gains.
