Shiba Inu (SHIB) Bullish Price Prediction (Analyst)

TL;DR

SHIB was predicted to witness a 180% increase supported by strong on-chain metrics and growing Shibarium adoption. On the other hand, the decline in network growth and fewer large transactions suggest possible downward pressure. Is SHIB Preparing for a New Rally?

The second largest meme coin has performed well in the past three months, posting a price increase of over 100%. It hit a local high on December 7, but soon after, it dropped substantially amid the latest market correction. In the last 24 hours, there has been another resurgence, with SHIB currently trading around $0.00002918 (according to CoinGecko data).

SHIB Price, Source: CoinGecko

A popular analyst who talks about the asset’s recent price fluctuations is user X JAVON MARKS. The market watcher claimed that SHIB has confirmed a bullish pattern, which could be followed by “another major bullish move”. JAVON MARKS reiterated his prediction that the valuation could rise almost 180% to $0.000081:

“With that target of $0.000081 still in play, we could soon witness a rally of over 180% before our eyes, and it may already be in effect as we speak.”

Some important chain metrics support the bullish forecast. An example is the SHIB exchange net flow which has been predominantly negative in the last week. This indicates a potential shift away from centralized platforms towards private wallets, which in turn, reduces immediate selling pressure.

Another factor is the progress of Shibarium. The Layer 2 Scaling Solution, whose ultimate goal is to foster the development of the Shiba Inu ecosystem, recently reached another important milestone. As reported by CryptoPotato, the total number of wallet addresses exceeded two million. Before that, the total number of transactions processed on the network exceeded 600 million.

Something for the bears, too

Despite the bullish elements mentioned above, there are some metrics that suggest SHIB’s price could be heading south soon. According to IntoTheBlock, the net growth of the Shiba Inu network (a momentum signal “that gives a pulse of the actual growth of the token’s underlying network”) has dropped 0.76% on a daily basis, entering bearish territory .

Large transactions (a momentum indicator that shows the number of transactions over $100,000) have also declined in the past 24 hours.

The “InTheMoney” metric (which measures the change in the number of SHIB investors currently holding paper profits) has also fallen. Currently, about 69% of those invested in the asset are in the green, while 24% remain underwater.

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