Last week onwards, Shiba Inu, the dog-themed memecoin, has set its mind towards a rally, as in the previous 24 hours, SHIB has not only increased over 23%, but its trading volume has surged by 234.34%.
If SHIB continues this rally, the token has the potential to reach +283% in October, according to most analysts. Investors’ confidence in SHIB is phenomenal, given the token’s growth of +37.5% in the last 30 days.
In April of this year, Shiba Inu raised $12 million by selling TREAT, its yet-to-be-released token. SHIB gained investor interest from some of the crypto world’s top dogs, including Polygon Ventures, Animoca Brands, DWF Ventures, Stake Capital, Morningstar Ventures, Woodstock Fund, and more.
The Shiba Inu price prediction has become increasingly bullish, as the token has grown over 150% from April, signifying that 2024 is a good year for SHIB, with bullish market sentiment around it. However, whether Shiba Inu can reach over 250% growth depends on a few factors, including investors in SHIB’s projects and the technical parameters.
From the chart’s MACD analysis, SHIB displays positive momentum in the short term—with the MACD line crossing the Signal line, indicating a bullish crossover. The buying pressure is increasing, with the trend line picking up pace and moving sidewards.
In the short term, the possibility of an uptrend is higher; however, in long-term markets, the MACD line needs to be closely watched to see if there are any sudden shifts. Investors should watch out for a bearish trend if the MACD line reclines under the signal line. If the MACD lines keep up the bullish crossover, the possibility of the Shiba Inu price amplifying by over 250% is substantial.
At press time, SHIB was priced at $0.00001913. The new support for SHIB is around $0.0000185, and the new resistance is $0.0000194. The psychological target for SHIB is $0.0000200. If Shiba Inu crosses the new resistance level, the token can be expected to start its rally for an uptick in October, a.k.a. Uptober.