Shiba Inu Price Prediction: Ready to Soar 129%?

Bittime - Shiba Inu coin (SHIB) price is attempting a 129% surge, targeting its highest since May after recovering from its low of $0.00001473 and currently trading at $0.00001871. The sudden surge in the price of this meme coin restored hope among its investors, many of whom believe that this asset has a strong chance of rising further.

Understanding Investor Sentiment

Currently, SHIB's market dominance is below 13.5%, causing investors to prefer to hold rather than sell their positions. Known as the “Dogecoin killer,” Shiba Inu has recently shown impressive gains, rising 19% over the past week. This incredible increase places SHIB as the second biggest weekly gainer among the top 15 cryptocurrencies.

Despite recent price increases, buying interest in SHIB has not been balanced, with an average trading volume of just $262 million over the past week. In contrast, during the previous rally in March, which pushed SHIB to a yearly high price of $0.000045, trading volume surged to $7 billion.

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Key Indicators to Watch

For SHIB to repeat its previous high, a significant increase in trading activity and volatility is required. The latest data from Santiment, a leading blockchain analytics company, shows that although SHIB volatility recently hit a three-month peak of 0.0574, the number of daily active addresses remains relatively low, averaging just 3,974.

Historically, substantial price increases for Shiba Inu have coincided with increases in volatility and active addresses. A simultaneous rise in these factors, coupled with increased volatility, could push SHIB to new levels, reminiscent of the impressive gains seen in May and October 2021.

Breaking Key Levels

To reach the 129% upside target, Shiba Inu needs to overcome several key resistance levels. Currently trading near $0.000019, SHIB is attempting to surpass the $0.00002 mark.

With strong market signals, SHIB is expected to navigate through resistance levels between $0.00002 and $0.000025, where there is a sell wall of 97,160 addresses. Clearing this barrier could pave the way for Shiba Inu to reach new levels, targeting the $0.000045 range.

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Conclusion

The Shiba Inu price prediction shows the potential for a significant surge of 129%, provided there is an increase in trading activity and volatility. With positive market sentiment and supportive technical signals, SHIB has a chance to reach new highs. However, investors need to continuously monitor market developments and on-chain data to make wise investment decisions.

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You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study Complete Guide How to Buy Crypto on Bittime.