A crypto analyst has outlined several price targets for popular doggy-themed cryptocurrency, Shiba Inu (SHIB). The analyst has predicted that SHIB could reach the highest price level of $0.0001605 in a few years.
Shiba Inu To Hit $0.0001605
Abmoon, a crypto analyst at TradingView, a financial market analysis platform, has shared bullish predictions for Shiba Inu. According to his analysis, the meme coin could achieve several price targets, potentially driving it to new all-time highs.
Abmoon disclosed that Shiba Inu had recently caught his interest, leading him to invest in the cryptocurrency. This newfound interest in the meme coin may have prompted a thorough analysis of SHIB’s price movements.
The analyst has outlined six price targets for Shiba Inu within an entry zone spanning from 0.00000755 to 0.00001018. Abmoon’s first target anticipates a modest surge of up to 163%, predicting a price increase between $0.0000755 and $0.00001018 for the meme coin.
He projected a substantial 272% price increase for Shiba Inu in his second target, expecting it to rise between $0.00003778 and $0.0000399. Abmoon also envisions SHIB breaking bearish trends with a potential 545% surge, aiming for prices between $0.000065 and $0.00006773.
For his fifth target, the TradingView analyst forecasts a price surge between $0.000124 and $0.00013 for Shiba Inu, amounting to a substantial increase of 1,126%. He also disclosed his sixth price target for SHIB, predicting an impressive spike of 1,487% to reach new highs within the range of $0.0001606 and $0.000165.
Despite his continued optimism about Shiba Inu, Abmoon acknowledged that his predictions were set on a longer-term perspective. He highlighted that targets 2, 3, 4, 5, and 6 for SHIB may take years to achieve. Abmoon also disclosed that he would sell most of his capital on targets 3, 4, and 5 while a smaller portion would be sold on targets 1, 2, and 6.
He revealed that Shiba Inu haD successfully achieved target one. However, he opted not to sell, asserting his belief that the meme coin had additional growth potential.
Analyst Says Meme Coins Could Reach New Highs Soon
In a recent X (formerly Twitter) post, crypto analyst, Andrew Kang, revealed that meme coins constitute a majority of the digital assets set to reach new all-time highs in this market cycle.
While he did not explicitly mention Shiba Inu or any meme coins, being the second largest meme-based cryptocurrency in terms of market capitalization with one of the largest crypto communities in the space, Shiba Inu could easily be among the top meme coins reaching new highs this cycle.
Despite recent sharp declines, Shiba Inu has maintained a strong trading volume, striving to retain the interests of investors and traders. In his post, Kang disclosed that there were hundreds of thousands of meme coins in the market currently, but only a select few could reach new highs.
Featured image created with Dall.E, chart from Tradingview.com
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