Shiba Inu coin has indicated a three-year long cup and handle pattern which is a positive pattern on the price chart.
This pattern seen on the weekly candle of SHIB indicates the possibility of the upward movement to continue.
Market analyst CryptoELITES recently pointed out this formation and what it could mean for Shiba Inu price.
SHIB has a descending trendline acting as a resistance level from October 2021 as depicted by the chart.
According to the analyst, a break of this resistance may open the way to targets of $0.000085171, $0.000183312, and as high as $0.0004729.
This forecast puts a possible rise of 1,700% from the current price of $0.00002802 for SHIB.
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Another key factor that can influence the probability of SHIB rising is the flow of capital in the market particularly that of Bitcoin.
CryptoELITES also pointed out that the decline in Bitcoin’s dominance could lead to a transfer of capital to other coins or tokens, including altcoins and meme-inspired assets such as SHIB.
In the last few weeks, Bitcoin dominance has been falling from 61.53% to 54.78% and has recently been hovering at around 57.17%.
If this continues then it will be very possible for Shiba Inu coin to get more investment and rise even further.
Previous Shiba Inu Coin Predictions Align with Bullish Outlook
There are other analytical views that go further and look into the future SHIB with similar optimism for the price prediction.
In a market analysis on 23rd April 2024, Wong indicated that the next bullish trend may push SHIB to $0.0001.
In July 2024, the chairman of CIFDAQ Blockchain Ecosystem upgraded the price range of SHIB to $0.0001 – $0.0003 in case the market recovers.
They both named ecosystem development and market trends as factors that can cause an appreciation of Shiba Inu price.
However, timeframes for these projections are different with some projecting improvements by 2025 while others are more conservative with expectations of improvements by 2033
Moreover, more analysis suggests that SHIB price can trade past its nine-month high of $0.00003487 if the trading volume stays high.
The indicators show an increase in the accumulation and the RSI is close to over-sold/over-bought level. Increased community participation and a bullish market will also help push SHIB to $0.00004.
Ecosystem Developments and Market Conditions
Shiba Inu’s ecosystem developments such as the Shibarium and the use of existing tokens are key drivers for Shiba Inu’s future growth.
According to the experts, these changes can increase the inflow of investors thus improving the standing of SHIB market.
Furthermore, the upcoming Shibarium hard fork is a major breakthrough for the SHIB Layer-2 solution as it solves critical issues such as scalability and transaction speed.
The upgrade will also increase the network bandwidth to allow faster and more efficient transactioning.
This is important for the growth of Shibarium’s ecosystem that has been attracting more users and activities recently.
As of press time, SHIB is trading at $0.00002847, with a 24-hour rise of 3.15 percent. It is ranked 12th and it has a market capitalization of $ 16.77 Billion and a 24 hour trading volume of $ 1.42 Billion.
Circulating supply of SHIB tokens in the market is at 589.25 trillion and the price is also going up in a bullish trend.
