There was an expectation of a significant increase in the price of Shiba Inu. A famous analyst stated that SHIB’s current levels may be the lowest prices in the coming days. According to the analyst’s statement, this period indicates an exciting period for Shiba Inu investors as the final phase of the bull market approaches.
Positive Price Predictions from Analysts
As of October 28, SHIB was trading at $0.00001690, down 0.7%. SHIB, which faced resistance at $0.00001924 last week, experienced a 12.2% decline. However, analysts suggest that Shiba Inu may gain 100% value in the coming period. This expectation continues to keep investors’ interest alive.
In the price chart of SHIB, the inverse head-and-shoulders formation attracts attention. The “neckline” in the formation is located near $0.000019. Breaking this resistance level indicates that the price could rise as much as 100% and reach yearly highs. Analyst Oscar Ramos announced to his followers that SHIB was preparing for a significant upward move, saying “The explosion is near.”
97% Correlation with Dogecoin
Shiba Inu and Dogecoin 
$0.142292 The high correlation of 97% between them indicates that the price movements of the two meme coins are parallel. DOGE’s increasing popularity and uptrend may also positively impact the SHIB price. The market value of the Shiba Inu currently stands at $9.9 billion. If the price rises 100%, its market cap will rise to around $20 billion, which would put Shiba Inu just below Dogecoin.
Support and Resistance Levels
In technical analysis, breaking the $0.000019 level for SHIB could push the price to $0.000029 and $0.000045 respectively. The main support points are determined as 0.00001620 and 0.00001294 dollars. Dogecoin’s rise in the market is interpreted as a positive signal for SHIB. Experts consider the possibility of an increase of up to 100% in the SHIB price.
Investors may consider SHIB as a buying opportunity considering its strong connection to DOGE and current favorable price levels.
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.
