Analysts Divide On SHIB Reaching $0.001
Release: 2024/09/20 15:04 Reading: 772
SHIB's Price Prospects: Analysts Divided
The cryptocurrency community is grappling with contrasting views from analysts regarding the price outlook of Shiba Inu (SHIB). Currently trading at $0.00001335, the token has experienced minimal movement, with a modest 1.30% increase over the past month.
Since its remarkable surge of over 350% in March, SHIB has remained range-bound, leaving investors anticipating a potential rally. However, some analysts question the token's ability to shed additional zeros from its price tag by 2025.
Pessimistic Perspectives
Analyst E Obez expressed skepticism about SHIB reaching $0.001, even if Bitcoin (BTC) were to rise to $90,000 by 2025. While Obez did not provide a specific rationale for this prediction, he compared SHIB's potential to established cryptocurrencies, suggesting that meme tokens like SHIB and PEPE would have limited growth compared to Ethereum (ETH), which he anticipates will surpass $5,500 by January 2025.
Optimistic Outlooks
In contrast, other analysts remain optimistic about SHIB's future. Crypto analyst LuckSide believes that the token could achieve the $0.001 target, citing increasing whale activity and favorable on-chain metrics. LuckSide highlighted the recent movement of over 3 trillion SHIB tokens within two days and the withdrawal of $4 million worth of SHIB from exchanges, indicating strong demand and potential upward price pressure.
Consensus on Potential Rally
Some analysts share LuckSide's optimism, projecting a sharp price rally for SHIB. Krao, an analyst on TradingView, anticipates that SHIB will break out of a descending trendline that has restricted its growth since 2021, bringing the token closer to the $0.001 mark.
Similarly, Armando Pantoja, a member of Benzinga's crypto advisory board, predicts a significant price increase for SHIB, estimating a 72X gain that would also bring it to the $0.001 target. Pantoja based his forecast on a bullish Relative Strength Index (RSI) divergence, signaling a favorable buying zone.
Conclusion
The cryptocurrency community remains divided on Shiba Inu's price prospects, with some expressing skepticism about achieving significant growth and others remaining bullish. As always, investors should conduct thorough research and make investment decisions at their own discretion.
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