Shiba Inu Price Analysis: Analyst Sees 27% Surge for Meme Coin
Qadir AK16 Aug 20232 min read
Shiba Inu (SHIB) stands as the 14th largest cryptocurrency in terms of market capitalization. This digital asset has managed to maintain its stability within the market, continually capturing the attention of numerous analysts. The recent surge in its growth over the past week and month has further fueled discussions around its potential.
In the realm of predictions, one prominent crypto strategist, Micheal van de Poppe, has offered a positive outlook for Shiba Inu.
Bullish Outlook for SHIB
Micheal van de Poppe, a respected figure in the world of cryptocurrency strategy, has put forth an optimistic prediction for Shiba Inu. According to Poppe’s analysis, Shiba Inu might witness a substantial rally of more than 27%, all while maintaining its upward trajectory.
Notably, SHIB has managed to achieve double-digit gains within just a week, setting it apart from other coins that have grappled with maintaining their positions.
Read More: Shiba Inu Soars 31.39% in the Past Week, Is Now a Good Time to Invest?
Analyzing the Market Movements
On August 14, Shiba Inu experienced a brief decline, dipping to $0.00000996, after reaching its recent peak of $0.00001136 on August 12. However, the cryptocurrency quickly rebounded on Monday, reaffirming the confidence of analysts like Poppe who continue to hold bullish perspectives on SHIB’s potential.
Poppe emphasizes that as long as SHIB manages to stay above key support levels such as $0.00000808, $0.00000870, and $0.00000941, the prevailing uptrend could see an extension of up to 27%. Conversely, a breach below these support levels could trigger a downward trend. As of now, Shiba Inu’s price rests at $0.000009861.
Will Shibarium Provide the Much-Needed Boost?
SHIB’s chart looks promising. The coin has overcome multiple resistance levels recently, suggesting more potential for growth. Experts believe that the ongoing upward trend for SHIB is here to stay. The upcoming Shibarium launch next week is the reason for that. Shibarium is an upcoming Layer 2 blockchain developed by the Shiba Inu project.
Related: Top Altcoins to Watch This Week: Chainlink, Dogecoin, and Shiba Inu
It is designed to interact seamlessly with the primary Ethereum blockchain (Layer 1), providing a more scalable and cost-effective transaction platform. Experts are under the belief that this upgrade is going to keep the coin rally and remove its “meme coin” tag entirely.
