A well-known Bitcoin analyst has made a bold claim that Shiba Inu may not surpass the $0.000114 price level during this bull season.
The bullish momentum for Shiba Inu seems to have fizzled out as the SHIB price stalls at $0.00002486. This represents a mere 1.5% gain over the past day, with a significant drop of over 46% in its 24-hour trading volume. However, over the course of the last seven days, Shiba Inu has seen an impressive growth of 26%, soaring from $0.00002071 to $0.00002615.
With anticipation building, market participants eagerly await a bull rally that could propel SHIB to new price territories. However, it has been three years since Shiba Inu last established new price levels, and the bears have consistently maintained control since then.
It is worth noting that SHIB is currently down 72% from its all-time high of $0.00008845 in October 2021. Nevertheless, with the onset of the bull market, expectations are high for Shiba Inu to create new history.
Recently, a passionate SHIB supporter sought the expert opinion of Dona, a highly regarded Bitcoin analyst, regarding the outlook for Shiba Inu. This inquiry followed Dona’s accurate analysis and prediction of Dogecoin’s path to $1. In response, Dona presented a chart on the 24-hour timeframe, indicating a potential rise to $0.000114 for Shiba Inu. With confidence, the analyst stated that he does not envision Shiba Inu surpassing the $0.000114 mark. In essence, Dona expects Shiba Inu to reach its peak within this projected range during the current bull market.
Other analysts and commentators also agree that the $0.000114 territory could serve as a ceiling for Shiba Inu this season. Considering the asset’s historical performance, it is possible that Shiba Inu may eliminate more zeros from its price. Although some have set lofty targets as high as $0.19, these perspectives are in the minority.
Interestingly, for Shiba Inu to break the unprecedented $0.000114 price level, it only requires a 358% increase. It is worth noting that just two months ago, Shiba Inu experienced a higher percentage growth in less than ten days. On February 26, SHIB traded at $0.000009483 but rallied by 378% to reach $0.00004534 on March 5, becoming one of its highest points in 2021.
However, researchers from the Changelly exchange hold a different view. They believe that Shiba Inu may not reach a new all-time high in this cycle, projecting a maximum price of $0.000059994. This perspective is widely contested by independent analysts.
Please note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the personal opinions of the author and do not reflect the opinion of The Crypto Basic. It is strongly recommended that readers conduct thorough research before making any investment decisions. The Crypto Basic assumes no responsibility for any financial losses incurred.