Analyst ClayBro predicts Shiba Inu could jump to $0.0065 after the halving event.

The expert’s analysis compares the current market scenario to the previous Bitcoin bull run, during which the Shiba Inu coin surged impressively. This comes as more analysts anticipate the meme coin could hit $0.0001 should we see another meme coin season. ClayBto cites that during the bull run of 2020, Shiba Inu coin notably outperformed Bitcoin, boasting a staggering 300,000% increase from its initial price. According to him, such explosive growth has painted a picture of promise for the meme-based cryptocurrency. He backs his calls with Shiba Inu’s token burns as a possible solution, suggesting that decreasing the supply of SHIB could enhance its price. 

However, despite his optimistic call, the analyst still doubts the Shiba Inu coin’s potential to hit over half a cent in value. He states that despite the ecosystem team’s positive outlook, he believes historical patterns suggest conservative expectations. He states that reaching the mark would necessitate a market valuation in the trillions. 

Shiba Inu Market Review: How Is The Meme Coin Looking?

Looking at the Shiba Inu charts, the price action has formed a Triangle, a continuation pattern. However, there has been no significant move after a breakout from the pattern, indicating that the buyers and sellers are unsure of the market’s direction. This indicates a period of equilibrium before another breakout occurs in either direction. 

2-hour SHIB/USD Chart | Source: TradingView

Looking at indicators, the Woodies CCI (Commodity Channel Index) is hovering around the zero line, suggesting that there isn’t a strong trend in either direction. This neutral reading aligns with the indecision shown by the symmetrical triangle pattern. Additionally, the Volume Oscillator, negative at -8.32%, indicates that volume is decreasing compared to the average, reinforcing the consolidation phase depicted by the triangle pattern. As per CoinMarketCap stats, Shiba Inu was priced at $0.0000022 as of 12:46 p.m. UTC, representing a 1-day increase of 1.39%. 

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.