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Cryptocurrency News Articles
Shiba Inu (SHIB) Price Predictions: Analysts Divided on Token's Prospects Through 2025
Sep 20, 2024 at 02:35 pm
The cryptocurrency community is witnessing divided opinions among analysts, regarding Shiba Inu's (SHIB) price prospects.
Shiba Inu (CRYPTO: SHIB) has been trading sideways for the past month, exhibiting minimal price movement. The world’s second largest dog-themed cryptocurrency is currently trading at 0.00001335, showing only a 1.30% increase.
After a significant surge of over 350% in March, the meme token has been exhibiting limited directional movement. As a result, some investors are left waiting for a potential rally, while others may be skeptical about the possibility of the token removing any additional zeros from its price by 2025.
Several analysts have shared their views on the asset’s long-term prospects, with some expressing doubt over the likelihood of a substantial price growth. One investor, known as E Obez, expressed skepticism about the meme token reaching $0.001, even if Bitcoin is able to climb as high as $90,000 by 2025.
Obez did not offer a detailed explanation for his prediction; however, he compared the digital asset’s performance potential to other established cryptocurrencies. While Obez expects Ethereum (CRYPTO: ETH) to surge to above $5,500 by January 2025 in response to Bitcoin’s rise, he anticipates that meme tokens, such as SHIB and PEPE, will experience limited growth.
On the other hand, some analysts are optimistic about the token’s future. For instance, crypto analyst LuckSide predicted that SHIB could achieve the $0.001 target, thanks to an increase in whale activity and robust on-chain metrics.
LuckSide highlighted recent activity that may be indicating a push towards the $0.001 hedef. According to the analyst, data showed large movements of over 3 trillion SHIB tokens within just two days. Moreover, the withdrawal of $4 million in SHIB from cryptocurrency exchanges has been interpreted as a sign of strong demand, which may push the meme token towards higher price levels.
Some analysts shared LuckSide’s optimism, with one TradingView analyst, known as Krao, projecting that SHIB could break out from a descending trendline that has limited its growth since 2021, bringing the token closer to the $0.001 mark.
Elsewhere, Armando Pantoja, a member of Benzinga’s crypto advisory board, expressed his belief that the asset could see a significant price increase. Pantoja anticipates the token to achieve a 72X gain, which would also bring it to the $0.001 target.
In August, Pantoja pointed to a bullish Relative Strength Index (RSI) divergence, indicating that it had entered a favorable buying zone. Pantoja’s forecast is further supported by the anticipated Bitcoin halving event, which he expects could trigger a broader market rally.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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