Shiba Inu is currently trading around the $0.00001661 mark on Wednesday and mostly remains on the back foot. SHIB shed nearly 35% of its value in a month and is bleeding in the charts. The last it rallied was in March 2024 when it surged 280% in a month on the heels of the Bitcoin halving event. Since then, SHIB has been on a downward spiral with little to no price spurts in the last three months.
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However, a new forecast indicates that Shiba Inu could kick-start its bull run and surge by nearly 250%. The latest price prediction forecasts that SHIB might replicate its March 2024 bull run during the second half of 2024. The forecast estimates that SHIB is consolidating in price and could catapult to a new yearly high.
Shiba Inu: Latest Forecasts Suggest SHIB To Hit $0.00005, Surge 250%
A leading Trading View cryptocurrency analyst ‘Alikze’ shared a chart showcasing that Shiba Inu could ignite an upward trajectory. He wrote that SHIB is currently hovering near the “liquidity area” and could kick-start a rally if its price crosses the $0.00002 range.
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If Shiba Inu breaks its resistance and reaches $0.00002, the next leg could pull its price to $0.000026, he wrote. Another leg-up from here could take SHIB towards the $0.00003 mark, he predicted. From here on, SHIB could attract heavy bullish sentiments and reach a new high of $0.00005, he predicted.
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That’s an uptick and return on investment (ROI) of approximately 250% from its current price of $0.00001661. An investment of $1,000 could turn into $3,500 if the prediction turns out to be accurate. There is no guarantee that Shiba Inu could rise 250% during the second half of 2024. The cryptocurrency market is volatile and could tank if the global financial conditions face macroeconomic pressure.