Shiba Inu has emerged as one of the standout performers in the cryptocurrency market as it impressed investors with remarkable gains and became the talk of town recently. Over the past month alone, Shiba Inu has experienced an eye-popping surge in its value, which has seen its price rise by almost 287%. SHIB witnessed an incredible 137% price spike last week indicating its its growing popularity among crypto enthusiasts.
The recent hike in Shiba Inu’s price is part of a broader meme coin frenzy that hit across different cryptocurrency markets. Among these other meme-inspired digital assets are PEPE, DOGE, BONK, FLOKI and WIF have also witnessed significant gains recently.
Crypto analyst Rekt Capital recently shared insights regarding the SHIB in an X post. According to the analysis provided by Rekt Capital, SHIB can be seen touching its previous all-time highs (ATH). In this regard, it seems that there is an upward movement possibility for the price of SHIB which is signaling bullish momentum in future. The analyst also mentions a U-Shaped Reversal; a chart formation that may show potential changing from downward trend to upward one.
Rekt Capital’s Analysis highlights one significant aspect, which is referred to as the “Re-Accumulation Range.” The Re-Accumulation Range plays a vital role since it indicates areas where huge buying takes place. With this context in mind, Rekt Capital presents two potential ranges for this re-accumulation phase separated by colors; ‘blue-black range’ and ‘orange-orange range.
These color-coded ranges likely represent specific price levels or zones on a price chart, indicating areas where accumulation might occur. The uncertainty lies in where the price of SHIB will consolidate during this re-accumulation phase, potentially within the ranges identified by the analyst.
Shiba Inu (SHIB) Short-term Price Forecast
As of the report time, Shiba Inu is trading at $0.00003556, with a strong 24-hour trade volume of about $4.64 billion and a market cap of roughly $20.96 billion. Moreover, the coin’s prices have increased impressively by 12.00% within the last 24 hours, making the bullish tendency even stronger.
In addition, Changelly’s latest Shiba Inu price forecast suggests that there will be an increase of around 13.74% until March 9th. This prediction shows a positive view of SHIB’s value in the short term.
On the other hand, the fear and greed index reported an 82 score, indicating that investors are overly optimistic, leading to market exuberance. In this regard, Changelly’s technical indicators imply strong bullishness with 86% of the market being in favor of a move towards the bulls in Shiba Inu.
The price variations that are more likely to be seen on Shiba Inu at the beginning of 2023 have led crypto experts to expect an average SHIB rate reaching $0.0000585 by March 2024. They also predict a minimum possible price of $0.0000313 and a maximum of $0.0000856. Based on projections about its forthcoming prices, Shiba Inu’s potential return on investment (ROI) is around 176.1%.
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