Shiba Inu (SHIB) is causing a stir again with its fascinating predictions. Top trader Dexter has set an ambitious long-term target for the meme coin despite the market volatility, expecting it to rise from $0.00001389 to $0.00015, which is almost An enhance of 1000%.

SHIB is up 1.27% in the past 24 hours and over 7% in the past week. It is still not gaining traction even as the larger cryptocurrency market is trending higher.

Analyst Krao from TradingView has a slightly different forecast. With a huge Profit 7300% from current priceKrao hopes SHIB will reach $0.001 by early 2025.

His bullish view is based on a fundamental technical pattern shown on the monthly chart. SHIB has been in an extended decline since reaching its all-time high in October 2021 at $0.000088. According to Krao, a breakout of this falling wedge formation could trigger a major rally and send SHIB higher.

Shiba Inu: Miniature Term Forecast

Contrary to Krao’s long-term hopes, Coin Code presents a more cautious short-term forecast for SHIB. Their study shows that the price is expected to gradually decline by 0.69%, possibly reaching $0.00001397 by October 13, 2024.

With the Fear & Greed Index indicating a concern level of 32, the overall sentiment is neutral. This reflects the degree of market anxiety that could impact SHIB’s short-term volatility. Still, some analysts are advising that given the potential for future gains, now could be a good time to buy SHIB.

Current market sentiment

Before recovering somewhat, SHIB price fell to $0.000012 earlier this week. The token’s performance has been disappointing on a weekly and monthly basis. The recent price path has shown more gloomy days than more bullish ones.

Apparently, retail investors are moving their money to other joke currencies like PEPE and Dogelon Mars, which are currently doing better than SHIB. Dexter maintains a positive perspective on these difficulties.

He hopes that SHIB can still eliminate another zero, thereby increasing its value in the coming months. With a market capitalization of over $7.78 billion, SHIB is still quite prominent in the digital currency scene.

Support and resistance

Dexter’s study identifies critical support areas for SHIB, mainly between $0.00001076 and $0.0000120. SHIB needs these support levels to regain strength and gain momentum. If SHIB falls from these levels, it could significantly drop to $0.000007.

From current value, this potential decline would be 47%; from the yearly high of $0.000045 reached in March, this would represent another decline. Technical signs suggest SHIB is at a turning point. Whether it can hold these critical support levels will largely determine its ability to rebound.

Looking to the future

As Shiba Inu negotiates its current difficulties, various analysts offer conflicting views. While Dexter’s long-term optimism and Krao’s ambitious forecasts offer a more complicated picture, CoinCodex offers cautious short-term forecast predicting a drop in the price of SHIB.

Dexter’s bullish long-term goal highlights a significant difference in outlook compared to Krao’s forecast of enormous growth. Investors assessing SHIB’s future amidst continued market uncertainty should consider these observations from CoinCodex, Dexter, and Krao.

Featured image from Revolutionized, chart from TradingView