Shiba Inu Price Recovery: Enthusiasts Eye $0.0001 Target Despite Recent Setbacks
Shiba Inu (SHIB), the meme coin inspired by the popular dog breed, experienced a rollercoaster ride in April. After suffering a 22.73% price drop in the last 30 days due to widespread market corrections, SHIB has struggled to break past the $0.000024 resistance level.
However, amidst the current challenges, many Shiba Inu enthusiasts remain optimistic about the coin’s future. Several market observers have made predictions about a potential price surge, with some even targeting a price of $0.0001.
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Analyst Speculations Fuel Optimism
Market analyst Eunice Wong believes Shiba Inu is on the cusp of a “second leg” bull run, similar to the aggressive rally it witnessed between February and March that pushed its price to a three-year high. Wong anticipates this next leg could propel SHIB to $0.000125.
Another analyst, Bunchhieng, on the TradingView platform, draws parallels between the current market situation and the 2021 bull run, where SHIB skyrocketed by over 800,000%. Bunchhieng suggests a similar price trajectory is possible this time around, with SHIB potentially reaching $0.0001.
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Crypto pundits Oscar Ramos and Gem Sheriff echoed similar sentiments last month during the Shiba Inu rally. Ramos expressed his belief that SHIB reaching $0.0001 is “100% happening,” while Sheriff presented a technical chart outlining a path for SHIB to surpass $0.00011.
#SHIB Update | Breakout is happened!📈 https://t.co/e3cjDZvKyq pic.twitter.com/603MMrDQ7d
— CRYPTO SHERIFF (@Gem_Sheriff) April 8, 2024
Can Shiba Inu Hit $0.0001 This Year?
Most analysts projecting a $0000.1 price target anticipate it happening within the current bull market, expected to end in 2025. To reach this level, SHIB would need a 303% increase from its current price of $0.0000248. Notably, SHIB achieved a 350% price surge in less than ten days last month, suggesting the 303% target is achievable.
However, Changelly’s researchers offer a more conservative outlook, predicting SHIB might only reach $0.0001 by 2027. It’s crucial to remember that all these predictions are speculative and should not be considered financial advice.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
