Shiba Inu price breakout has caught the eye of the market, and analysts are calling for a revisit to the previous all-time high. One analyst has predicted that the price of SHIB could surge to $0.000081, with compelling reasons behind his forecast.
SHIB price is up 4% in the last 24 hours and is trading at $0.00001897. This includes a 5.7% increase the previous week, following Bitcoin’s rise to near-all-time highs. Can the SHIB price hit $0.000081?
3 Reasons Why Shiba Inu Price Could Surge to $0.000081
To understand why Shiba Inu price is likely to soar back to its previous all-time high, crypto analyst Oscar Ramos looked into different factors affecting SHIB and discovered the following:
1. Influence of Bitcoin Price on Shiba Inu
Bitcoin price has been a key factor in pushing Shiba Inu prices higher (or lower). The correlation between the two is currently sitting at 83%, which suggests Bitcoin has a fair chance of pulling the SHIB price up as it goes higher.
2. Unites States’ Political Landscape
The ongoing U.S. election campaigns and the upcoming D-Day have significantly impacted the crypto markets this year. Ramos notes that as the day draws near, the crypto market is reacting to the most likely scenario, which, according to the Polymarket decentralized prediction market, shows Donald Trump could win the presidency.
3. Shiba Inu’s Market Cap and Volume
The meme coin lags behind major meme coins in the current Bitcoin rally. By 24-hour volume, SHIB trailed behind Dogecoin (DOGE) and Pepe (PEPE) per Coingecko data. However, this should be good news for investors. It means Shiba Inu has not yet started its run, and they are early for the rally.
Can SHIB Price Hit $0.000081 By 2025?
After a prolonged downtrend within a falling channel from the March 2024 mini-bull run, SHIB price appears to have broken out of the channel around October 2024. This breakout suggests a potential trend reversal to the upside, indicating bullish momentum building up.
Shiba Inu price action has formed a symmetrical triangle after the breakout, which is a continuation pattern. Given the breakout from the larger descending channel, it signals a continuation of the rally.
The price of SHIB broke out of the symmetrical triangle on October 30 and eyes 74% gains to the next major resistance.
SHIB price will need to overcome three key resistance levels before it can reach $0.000081: $0.000033, $0.000046, and $0.000071. These price targets align with the 0.382 Fibonacci retracement level, the previous yearly high, and the 61.8% Fibonacci extension level, respectively.
Shiba Inu price forecast shows that if bears manage to push the asset back into the triangle and below it, they would have managed to invalidate the current bullish thesis. This is unlikely in the short term as SHIB 24-hour trading volume surged by 33% showing bulls are currently in charge.
The post Shiba Inu Price Could Hit $0.000081, Analyst Explains Why? appeared first on CoinGape.
