SHIB Price Prediction: Shiba Inu (SHIB) Could Gain 100% in Value

As of October 28, SHIB was trading at $0.00001690, reflecting a 0.7% decline. The coin encountered resistance at $0.00001924 last week, experiencing a 12.2% drop.

As the dust settles on last week's 12.2% decline in Shiba Inu (CRYPTO: SHIB) from $0.00001924, analysts are keeping the heat on SHIB with predictions of a 100% price gain.

What Happened: As of Saturday morning, SHIB was trading down 0.7% at $0.00001690. The coin had hit a snag last week, showing a 12.2% decline after encountering resistance at the $0.00001924 level. However, analysts believe that Shiba Inu could experience a 100% surge in the near future, keeping the interest among investors alive.

A reverse head and shoulders pattern is evident in SHIB's price chart. The "neckline" of this formation is located at approximately the $0.000019 level. Breaking through this resistance level could lead to a 100% price increase, potentially setting the stage for a rally toward the annual highs.

One analyst, Oscar Ramos, has been closely monitoring SHIB and has notified his followers that "an explosion is near," signifying SHIB is poised for a substantial upward movement.

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Why It Matters: Technical analysis suggests that breaching the $0.000019 level could propel the price toward the $0.000029 and $0.000045 levels. On the support side, the primary focus is on the $0.00001620 and $0.00001294 price points.

Moreover, the recovery of Dogecoin (CRYPTO: DOGE) in the market is seen as a positive sign for SHIB. With experts anticipating a potential rise of up to 100% in SHIB's price, investors may recognize SHIB's strong link to DOGE and the current favorable price levels as a good entry point for buying opportunities.