A physical Shiba Inu coin is held between two fingers.
Renowned cryptocurrency expert and enthusiast Dami Davey gave his thoughts on the Shiba Inu’s price movement, predicting a rally in cryptocurrency assets as the Meme coin market sees a new wave of demand.
Given the optimism surrounding meme coins recently, Dami Davey is confident that the Shiba Inu could rise more than 50% almost.
Shiba Inu price may rise by 20%
Shiba Inu (SHIB) has become one of the leading cryptocurrencies, attracting positive expectations from many cryptocurrency analysts today. Although the Shiba Inu started the week on a negative note, Dami Defi believes the meme coin could rise in the short term.
Related Reading: Cryptocurrency Analyst Predicts 350% Increase in Shiba Inu – That’s the Goal
According to Dami Defi, the price of the digital asset has formed a descending wedge pattern on the 1-day time frame. If SHIB breaks out of this falling wedge pattern, Dami Defi expects a more than 50% upside in the Shiba Inu price. This 50% increase will move the cryptocurrency asset from its current price to the $0.000035 level.
Analyst forecasts are in line with those of Ali Martinez, highlighting that the price of the digital asset is moving in a parallel, descending channel.
While Dami Davey expects Shiba Inu prices to rise by more than 50%, Martinez expects the cryptocurrency assets to rise by more than 20% in the short term. Martinez’s expected 20% increase will raise the cryptocurrency’s price from $0.00002444 to the $0.00002954 level.
Martinez is bullish on the Shiba Inu, predicting the asset will reach $0.000072323. He noted that SHIB on the daily chart appears to be forming a bullish flag, indicating an imminent move to the upside. As a result, the expert opened trading at around $0.000018343 in hopes of a strong breakout that would take the Shiba Inu to $0.000072323.
Fueled by March’s highs, Martinez’s forecast suggests that SHIB’s value could rise further, providing investors in this thriving and active sector of the cryptocurrency market with a positive outlook for the meme coin.
SHIB is expected to repeat the 2021 price trend or even better
Lucy, Head of Marketing at Shiba Inu, took a deep dive into the memecoin price movement. Lucy Claims That during October 2021, SHIB, without any burns or significant adoption at the time, saw a rise from $0.000007 to $0.000088 in just a matter of days, indicating a rise of over 1,100%.
With the massive burns and widespread spread we are seeing today within the SHIB ecosystem, Lucy would suggest the asset could replicate this move or even further in this bull cycle. If this trend repeats, SHIB price could reach $0.00025 in this bullish cycle.
Lucy also emphasized the ongoing support of the strong and empowering SHIB community Shibarium ecosystem since 2021, which may also stimulate the growth of the Shiba Inu.
At the time of writing, Gray It was traded at $0.00002366, showing an increase of more than 4% in the past week. Despite the rise in prices, its market value decreased by 2.59%, while its trading volume increased by 1.79% in the past day. Given the momentum in the cryptocurrency market, SHIB may be able to see further gains in the coming months.
Featured image from iStock, chart from Tradingview.com