Market analyst Crypto Jack asserts that Shiba Inu (SHIB) could experience significant price increases if it breaks through a crucial price structure. Earlier this week, SHIB surged to $0.00001947, briefly becoming the 12th largest cryptocurrency by market capitalization. However, a global market downturn triggered a correction, and SHIB is now trading at approximately $0.00001745, down about 6.40% in the last 24 hours.
Current Price Range
Crypto Jack identifies that Shiba Inu is currently trapped within a price range. He notes that the upper boundary lies between $0.000020 and $0.000021, while the lower boundary rests at $0.000015. The meme coin has traded within this range for over a month since reaching a three-month high on September 27.
Crypto Jack emphasizes that for SHIB to “explode to the upside,” it must break above this upper boundary. He anticipates a potential revisit to the lower boundary before any upward movement occurs.
Future Price Targets
If Shiba Inu breaches the $0.000021 resistance, the next target could be around $0.000027, according to Crypto Jack. Additionally, analyst Crypto Sheriff predicts that SHIB could aim for $0.0002 after overcoming this resistance level. Furthermore, he sets an ambitious target of $0.001, which would represent an increase of over 5,400% from current levels.
At present, Shiba Inu trades at approximately $0.00001745, reflecting a nearly 2% decline over the past week and sitting 20.3% below Crypto Jack’s upper resistance level.
Market Context
The recent performance of Shiba Inu highlights broader trends in the cryptocurrency market, which has faced fluctuations due to macroeconomic factors. Despite the recent downturn, analysts remain optimistic about SHIB’s potential for recovery and growth if it can overcome its current price constraints.
In conclusion, Shiba Inu’s future largely hinges on breaking through its identified price barriers. As market conditions evolve, traders and investors will closely monitor these developments to capitalize on potential gains in the coming weeks.
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