Shiba Inu’s price could achieve a remarkable 696% surge in 2024
Shiba Inu's price could potentially surge 696% in 2024, reaching $0.0001, according to CIFDAQ’s Himanshu Maradiya.
The chairman of the CIFDAQ Blockchain Ecosystem, Himanshu Maradiya, believes that Shiba Inu could attain $0.0001 in 2024. This is a 696% surge from the current price of $0.00001436.
According to Maradiya, the meme coin could deliver more substantial returns by next year. He highlighted that SHIB enthusiasts can hope for an upper target of $0.0003 by this year or, at most, 2025.
In the past couple of days, Shiba Inu’s price has been lackluster as it navigates the recovery phase following a recent downturn. Shiba Inu’s current price shows a 2.49% increase over the last 24 hours.
However, since its plunge to $0.00001087 last Monday, the meme coin has rebounded by almost 30%. This is because the entire crypto market experienced a sell-off last weekend, which briefly drove Bitcoin below $50k and Ethereum back below $2,500.
As Shiba Inu continues its recovery, several experts are reviewing the potential future directions for the SHIB price in a less bearish market.
Shiba Inu has bullish signals
Shiba Inu has retraced toward the moving averages, signaling that the bulls are attempting a comeback.
According to data from TradingView, the moving averages could be defended since a break and close above them will open the doors for a rally to the breakdown level of $0.000020. Such a move would signal that the markets have rejected the lower levels.
Assuming the SHIB/USDT pair turns down sharply from the moving averages, this will indicate that sentiment remains negative and traders are selling on rallies. The bears will then attempt to push the price down to $0.000010.
Some analysts are pessimistic about SHIB
Meanwhile, Utkarsh Tiwari, an executive officer at the KoinBX exchange whom Forbes also interviewed, is less optimistic about Shiba Inu’s performance for the remainder of 2024.
Tiwari argued that widespread bullish sentiment could drive SHIB to $0.000066 by the end of this year. Yet, he noted that bearish momentum could cause Shiba Inu to crack the five-zero threshold.
Popular prediction outlet Telegaon shares this sentiment. Its analysts believe the meme coin may only hit a maximum of $0.0000601 in 2024. Notably, the meme coin came close to this price channel in March this year when it had a value above $0.000045. However, Shiba Inu is far from the region, and the price has dropped by 32%.
On the other hand, analysts at Changelly Exchange highlighted that Shiba Inu may not surpass $0.0000187 this year.
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