Shiba Inu Forecasted To Rise 74% and Reach a New Monthly High

Vinod Dsouza
shiba inu shib bokeh street lights
Source: Watcher Guru

Shiba Inu started Q4 on the front foot as the token is up nearly 25% in the last 30 days. SHIB is looking to delete its fifth ‘zero’ in the indices and climb above the $0.00001 mark in the next leg. Despite multiple attempts, the dog-themed token has failed to trade with four ‘zeroes’ in the last six months. Even the launch of the most-awaited project, the Shibarium layer-2 network failed to make SHIB’s price sustainably scale up in the charts.

Also Read: Shiba Inu Forecasted To Reach 50 Cents: Here’s When

Source: Coingecko

However, a leading cryptocurrency analyst has predicted that Shiba Inu could print new gains delivering decent returns to investors. The analyst explains why investing in SHIB now could be more beneficial to holders than any time before.

Shiba Inu Could Spike 74% From Here, Forecasts Analyst

shiba inu space moon ecosystem
Source: Twitter

Leading cryptocurrency analyst Kaleo predicted to his 605,000 followers on X that Shiba Inu is primed for a rally. The run-up in price could occur after breaking above a horizontal resistance and retesting it as support, he explained sharing a chart. “I think by the time the candles reach the far right side of the screen, we’ll see some green candles hitting the green box,” he predicted.

Also Read: Shiba Inu: $25 Investment in SHIB Turns $1.7 Million in November 2023

Source: Twitter / Crypto Kaleo

The chart indicates that SHIB could spike above the $0.000015 level next month in December 2023. That’s a leg-up of around 74% from its current price. Therefore, an investment of $1,000 could turn into $1,750 if the price prediction from the cryptocurrency analyst turns out accurate.

Also Read: Shiba Inu: $500 in SHIB Becomes $3.8 Million

However, there is no guarantee that SHIB could climb 74% by the end of the year. The cryptocurrency market is highly volatile and cut both ways leading to massive losses to investors. It is advised to do thorough research before taking an entry position into SHIB at the moment.

At press time, SHIB was trading at $0.00000868 and is up 1.5% in the 24-hour day trade. SHIB is down nearly 90% from its all-time high of $0.00008616, which it reached in October 2021.