Shiba Inu is currently trading around the $0.000025 level on Thursday and is down nearly 2% in the day’s trade. SHIB has mostly trading sideways since April as it barely experienced a price spurt in the last 30 days. That was not the case in Q1 of 2024 as the token surged 280% in value reaching a high of $0.000044. However, it shed most of its gains in Q2 this year after the Bitcoin halving event was completed.
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The retrace in price was expected as SHIB rallied on the heels of the Bitcoin halving event. Nonetheless, a cryptocurrency analyst pointed out that Shiba Inu is currently in consolidation mode as could break out in price next. The prediction points toward a spike of approximately 600% in the coming months.
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Shiba Inu: Analyst Predicts SHIB To Spike 600%, Reach $0.0001
A cryptocurrency analyst provided insights on TradingView highlighting that Shiba Inu has a chance of swinging up 600%. According to the price prediction, SHIB could spike 600% in the next quarter and reach a new high of $0.0001. If the forecast turns accurate, Shiba Inu would have breached its previous all-time high of $0.00008616, which it reached in May 2021.
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The analyst urged investors to buy the dip on Shiba Inu are he expects its price to skyrocket in the coming months. “Still in the solid accumulation zone. Day candle should close above 2460 and good buying will come for booming levels. Buy this dip,” he wrote in the forecast.
Nonetheless, there is no guarantee that SHIB could spike 600% and reach a new high of $0.0001 next. The cryptocurrency market is highly volatile and cuts both ways delivering big losses to holders. It is advised to do thorough research before taking an entry position into Shiba Inu and trade at your own risk.
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