Analyst Predicts When Shiba Inu Price Could Hit 2X & 3X

Shiba Inu (SHIB) has been on a downtrend because of a bearish sentiment in the broader crypto market. However, analysts are bullish that Shiba Inu price could be on the verge of a breakout that could lead to 2x or 3x gains. Given the current market conditions, how long would it take for the meme coin to hit these targets? Let’s find out. 

Analyst Predicts Massive Shiba Inu Price Rally 

Shiba Inu price today trades at $0.0000132 after a slight 1% increase in 24 hours. SHIB has bounced from its recent lows after falling to $0.0000108, which marked its lowest level in seven months. Traders likely accumulated this dip, because SHIB is now making a reversal. 

Popular analyst Charting Guy believes that if Shiba Inu price continues with the upward trajectory, the meme coin price could surge by 2x to 3x. This analyst places the next targets for SHIB at between $0.0000280 and $0.000032. 

SHIB/USDT: 1-Day Chart

The analysis projects that Shiba Inu will reach these price targets in the next two months. Meanwhile, a look at the derivatives market suggests that traders could be positioning themselves for this uptrend. 

SHIB Open Interest Soars by $20M 

Derivative traders appear to be taking long positions as they anticipate that Shiba Inu price will rise by 2x to 3x in the near term. SHIB’s open interest has increased by more than $20M in less than four days and funding rates have flipped positive. 

Shiba Inu Open Interest

When more long traders are opening positions on an asset, it suggests confidence in a bullish Shiba Inu price prediction. As open interest continues to rise, it is possible that the SHIB price can rise by more than 3x within weeks. 

Key Levels to Watch in Shiba Inu Price 

Shiba Inu price today is flashing bullish signals. The meme coin has broken out of the upper trendline of the falling wedge pattern on the four-hour chart. This shows that the bearish momentum has weakened, and SHIB could be on the verge of a major bull run. 

The RSI indicator is rising and stands at 59, which shows that bullish momentum is at play. The MACD indicator on the four-hour chart is also rising and has flipped positive, which shows that buying pressure is also rising. 

As SHIB makes a bullish breakout from the falling wedge pattern and technical indicators flip positive, the price is likely to not only register a 3x gain but also swing to the 161.8% Fib level of $0.000048. 

SHIB/USDT: 4-hour Chart

As analysts share a bullish SHIB price prediction and technical indicators also show that a reversal is underway, SHIB  could not only make a 2x to 3x rally in the next month but also surge to a multi-month high of $0.0000468. 

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