Shiba Inu price forecast today

One analyst predicted a 178 percent rally for the Shiba Inu, potentially returning to its previous highs. In October 2021, the Shiba Inu touched a high of 0.000048845. To reach that level again, the Shiba Innu would need to increase by 178 percent. The technical analysis suggests that this is likely as market conditions begin to improve. Most of the top 10 cryptocurrencies have entered the green zone and Bitcoin is once again trading above the $100k level.

Current resistance levels

According to analyst Austin Hilton, the altcoin needs to break the high resistance level of 0.00004033. Shiba Innu is now trading at 0.00003247, up more than six percent in the last 24 hours. Once this resistance is broken, the analyst believes we will see a significant price increase.

Three-year downward cycle

The Shiba Inu has been in a downward trend for three years, but that is changing. The market situation is improving, and with new leadership and pro-crypto policies in place, the crypto market is heading for a new phase since January. This could trigger the biggest bull run for crypto, and Shiba Inu, as a top meme coin, is positioned to take advantage.

Shiba Inu Market

Shiba Inu and Dogecoin are the leading meme coins with a market cap of $18 billion and $66 billion respectively. The meme coin sector is worth over $130 billion, a significant portion of the $3.67 trillion global crypto market. This shows the growth in Shiba Inu market value.

Breakout Pattern

As shown in previous charts, the Shiba Inu tends to merge and then dissolve. After consolidation, a coin often experiences significant price movements. For example, a 60% gain was achieved in eight days during one eclipse. Similar movements may occur as more capital enters the crypto market.