Based on its dynamics, Analyst Crypto Moe predicts that Shiba Inu could reach as high as $0.3 in the current cycle.

The expert notes that it experienced a notable increase of 23.5% over the previous week, which is a good bullish indication. However, he notes that there was a pullback after reaching a peak, with the price currently awaiting confirmation to move above the resistance level of $0.000276. He attributes the current market lows to panic selling due to geopolitical tensions and anticipates a significant upward movement once the market confirms above the resistance level. This comes as some analysts predict Shiba Inu could hit $0.0064 in the long term while others predict it could go to as high as $0.91

Discussing the Federal Reserve’s (FED) impact on the crypto market, Crypto Moe notes the FED’s decision not to cut rates, indicating a robust market. In line with this, he highlights historical trends showing market rallies during quantitative tightening until the first rate cut. Analyzing SHIB’s price chart, Crypt Moe identifies a bullish flag pattern and discusses potential gains upon breaking a certain level. He also delves into Dogecoin (DOGE) price predictions, emphasizing the optimism for gains if prices maintain above specific levels. Crypt Moe expresses confidence in the crypto market’s potential for substantial gains.

Looking at further potential price predictions for SHIB, Crypt Moe outlines scenarios where reaching and confirming prices of $0.21 could lead to a bullish trend up to $0.25, representing a 20% gain. If confirmed at $0.25, there’s a possibility of reaching $0.30, yielding another 20% gain. He also emphasized the importance of holding the current price level on the 50-day moving average.

Shiba Inu Price Review: How Is Shib Doing Today?

According to CoinMarketCap stats, Shiba Inu stood at $0.00002674 as of a.m., a slight decline of 1.27% over the last day. The trading volume has also seen a 35.85% decrease within the last 24 hours suggesting reduced trading activity. From a technical perspective, the Bollinger Bands (BB) are consolidating as Shiba Inu price trades within the middle and upper band, suggesting that the market is in a phase of indecision with the potential for either a breakout or breakdown.

4-Hour SHIB/USD Charts | Source: TradingView

Looking at other indicators, the Moving Average (MA) hovers around the 20 SMA of the Bollinger Bands, showing no strong trend but rather a consolidation phase. On the other hand, the Money Flow Index (MFI) reads at 39.27, and the MACD line is above the signal line but is showing convergence, which could indicate a potential bearish reversal. However, as the histogram is still positive, the bulls’ momentum remains.

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.