SHIB Analysts Predict a Massive Surge: Is Shiba Inu Set for New Highs?

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Shiba Inu (SHIB), a leading meme coin, has experienced a remarkable rally since mid-September 2024. Analysts believe this rally, which has driven SHIB’s price up by 153%, may only be the beginning.

SHIB’s Strong Performance Highlighted by Analysts

The surge in SHIB’s price from $0.00001317 to $0.00003343 has caught the attention of prominent analysts. Crypto analyst Bluntz recently described SHIB as “insanely strong” and predicted significant gains in the coming weeks.

$shib looks insanely strong, its obviously in a solid uptrend but its been a controlled one, no parabolic break…… YET.

but its coming, shib/btc pair also accumulating at rock bottom.

legit think this will pull multiple X's

longing this on bybit, shameless ref link plug 👇… pic.twitter.com/Xv4wO1yEkN
— Bluntz (@Bluntz_Capital) December 7, 2024

Bluntz suggested that SHIB could reach short-term targets of $0.00006 and $0.00009, representing gains of 94% and 191%, respectively, from its current price of $0.00003089. His prediction is based on SHIB’s ability to replicate a price pattern from March 2024, where it climbed from $0.00000907 to $0.00004567 after its Relative Strength Index (RSI) surpassed 70 and continued to rise.

Other analysts have also shared optimistic views. On Sunday, “King’s Chart” projected a 35% price increase for SHIB, estimating it could trade at $0.00004518. This prediction is tied to a potential breakout from an ascending triangle pattern. Similarly, “CAPT. PARA80LIC TOBELERONE” presented a more ambitious scenario, forecasting SHIB could hit $0.0001 in the coming weeks and peak at $0.0005 in Q1 2025, translating to gains of 220% and 1500%, respectively.

SHIB Lags Behind DOGE in the Crypto Rally

Despite its impressive performance, SHIB still lags behind meme coins like Dogecoin (DOGE). While DOGE has surged over 110% in the last 30 days, SHIB’s gains are closer to 60%. Analysts view this lag as an opportunity for SHIB to offer higher returns as it catches up in the ongoing crypto bull market.

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— Cryptoboom (@Cryptoboom29884) April 15, 2024

Shibarium Achieves Major Milestones

SHIB’s potential is further reinforced by the growing success of its Ethereum Layer 2 network, Shibarium. As of December 7, wallets on Shibarium have surpassed 2 million, with over 600 million transactions recorded. Daily transactions sometimes reach nearly 5 million, reflecting significant interest in the network.

Shibarium’s automatic mechanism for burning SHIB tokens with 70% of network fees provides an additional fundamental boost to SHIB’s value proposition. These developments suggest that Shibarium’s growth could increase SHIB’s price.

Can SHIB Maintain Its Momentum?

Analysts point to SHIB’s strong technical indicators, growing adoption, and supportive fundamentals, making the token appear well-positioned for further gains. If these predictions hold, SHIB could see its price enter new territory, making it stand out in the cryptocurrency market.