Despite investor fears in September, the Shiba Inu performed positively in the cryptocurrency market, reaching a three-month high. After the Fed reduced the interest rate, there was an increase in the market in general and the price of SHIB was affected by this trend and reached new highs with a 51 percent increase within the week. However, the decline that started today caused many investors to worry. However, analyst Oscar Ramos changed these concerns with his analysis.
Expert Opinion for Shiba Inu
SHIB is the second most popular token among memecoins, and investors have made significant gains. Over the last few days, SHIB’s price hit a three-month high of $0.00002148. However, as of today, the price has dropped to $0.00001964 and the market value and transaction volume are at $11.57 billion and $1.41 billion, respectively.
Price Predictions
Dogema-themed memecoin SHIB is still in a strong buy zone. The RSI indicator indicates that the token is overbought and is entering price consolidation today. Once this sentiment ends, an uptrend may begin, especially if the token breaks through the third resistance level at $0.00002172. Ramos commented on memecoin: “I have news for SHIB. “A 750 percent increase is realistic and $0.00017 is targeted.”
Ramos stated that SHIB’s price will reach 0.000045 by the end of 2024 and may rise to the target of $0.00017 in 2025. The analyst stated that in February, SHIB’s price rose 400 percent in just ten days.
Compared to major cryptocurrencies like BTC and ETH, memecoins tend to be more volatile, and SHIB’s strong technical indicators and high demand are considered a promising sign for future price rise. Ramos’ analysis highlights the need for investors to keep a close eye on SHIB.
Shiba Inu has entered a consolidation period during the day and Dogecoin $0.127151The rise of also creates competition for SHIB. However, considering current market conditions and technical factors, SHIB is predicted to rise again. Experts like Ramos expect SHIB to rise even higher in the future.
When evaluated in line with general trends and expert opinions in the cryptocurrency market, the development of SHIB offers potential opportunities for investors. However, it is also stated that caution should be exercised due to high market volatility.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
